Cont: Brexit: Now What? Part 5

[Lothian]

If you look closer, you will notice that the accounts are filed in € not £, and the 2016 CT figure is a credit, not a charge.

I blame the poor photocopy for losing the minus . However I note the tax paid for the year was 19.6 million. The difference is adjustments for pervious years. Financial crisis I presume.

 

[Aber]

I blame the poor photocopy for losing the minus . However I note the tax paid for the year was 19.6 million. The difference is adjustments for pervious years. Financial crisis I presume.

A tax charge would have had brackets (see previous year comparative), so there is no missing minus sign.

The €19.6m current year tax in Note 9 on page 20 is NOT tax paid, but a notional amount which is then reconciled to the actual credit.

The prior year adjustment is not due to the financial crisis, but follows an ECJ judgement on the taxation of EU subsidiaries and dividends, as set out on page 19.

Any other questions on the accounts?

 

[Lothian]

The €19.6m current year tax in Note 9 on page 20 is NOT tax paid, but a notional amount which is then reconciled to the actual credit. The prior year adjustment is not due to the financial crisis, but follows an ECJ judgement on the taxation of EU subsidiaries and dividends, as set out on page 19.

It is paid. It is tax due for the year. There are as you say 2 large adjustments in respect of the previous periods and divided which turn it into a credit. However it is wrong to say that the tax due for the year was not paid just because it was netted off credits.

If I owe you £5 and you owe me £10 and you pay me £5 in settlement of all debts. I have paid the £5 I owe you.

 

[Lothian]

Lazy gits. The Europeans are giving their workers an extra hour in bed every morning (in summer)

 

[Aber]

It is paid. It is tax due for the year. There are as you say 2 large adjustments in respect of the previous periods and divided which turn it into a credit. However it is wrong to say that the tax due for the year was not paid just because it was netted off credits.

If I owe you £5 and you owe me £10 and you pay me £5 in settlement of all debts. I have paid the £5 I owe you.

No.

Re-read the first line on page 20. This page is an explanation of the tax charge calculation, and why it differs from 20% x profit before tax.

The profit before tax is £98m. This is an accounting number, it is NOT the profit figure used to calculate Corporation Tax.

The profit before tax includes £134.5m of dividends (see note 6). This income is not subject to Corporation Tax and so the company actually has a taxable LOSS. Therefore there was never any Corporation Tax due.

The dividend income x 20% (notional corporation tax) creates the €26,915k adjustment in the reconciliation on page 20.

 

[Andy_Ross]

In ******* sane!


"@PhilipHammondUK
Today, we are committing £92m from our Brexit readiness fund to design a national alternative to the EU’s Galileo satellite system.

We have a world-leading space sector and will do what it takes to support the jobs and expertise the UK needs."

Some questions.

How much will a complete Satnav system just for the UK cost? £92 million is a piss in the ocean when it comes to building a satnav system from scratch.

Who will launch them?

What bandwidth will we use? Didn't Galileo take the last frequencies available?

Who will use it? Military will continue using GPS as it is a NATO system. People aren't going to junk their Satnavs and mobile phones that use GPS for some purely British system as none of the manufacturers are going to offer it.

 

[quadraginta]

In ******* sane!


"@PhilipHammondUK
Today, we are committing £92m from our Brexit readiness fund to design a national alternative to the EU’s Galileo satellite system.

We have a world-leading space sector and will do what it takes to support the jobs and expertise the UK needs."

Some questions.

How much will a complete Satnav system just for the UK cost? million is a piss in the ocean when it comes to building a satnav system from scratch.

<snip>

The £92 million is just for an eighteen month feasibility study.

For the rest;

The initial estimate given for a sovereign system when first mooted was put in the region of £3bn-5bn. But major space infrastructure projects have a history of under-estimating complexities. Both GPS and Galileo cost far more - and took much longer - to build than anyone expected. In addition to the set-up cost, there are the annual running costs, which in the case of Galileo and GPS run into the hundreds of millions of euros/dollars. A sat-nav system needs long-term commitment from successive governments.

 

[Andy_Ross]

Hammond got the budget for HS2 wrong by billions. He has no idea what it costs to design and build a satellite from scratch and launch it.

More propaganda for Brexit voting morons.

 

[Blue Mountain]

The £92 million is just for an eighteen month feasibility study.

£92,000,000 for a feasibility study? I'd love to see the final accounting on where all that money goes! Sound like it will be about £1,000,000 in study and £91,000,000 in pork.

Here's my feasibility study:

Don't bother.

I'll do it for only £168,190 (one day's worth of expenditures on this study.). Please sent it to bitcoin address a3898b5b6e18ad805b0.

 

[Garrison]

And May is sticking to the Brexiteer line that a second referendum is somehow undemocratic:

But Mrs May also warns she will not "give in" to those calling for a second referendum on the withdrawal agreement.
She says it would be a "gross betrayal of our democracy and... trust".

https://www.bbc.co.uk/news/uk-politics-45385421

 

[catsmate]

In ******* sane!


"@PhilipHammondUK
Today, we are committing £92m from our Brexit readiness fund to design a national alternative to the EU’s Galileo satellite system.

We have a world-leading space sector and will do what it takes to support the jobs and expertise the UK needs."

Some questions.

How much will a complete Satnav system just for the UK cost? £92 million is a piss in the ocean when it comes to building a satnav system from scratch.

Who will launch them?

What bandwidth will we use? Didn't Galileo take the last frequencies available?

Who will use it? Military will continue using GPS as it is a NATO system. People aren't going to junk their Satnavs and mobile phones that use GPS for some purely British system as none of the manufacturers are going to offer it.

1. Around six billion Euro, for a system less precise than Galileo.
2. Anyone with rockets whom the UK hasn't annoyed recently.
3. Yes so it'd have to use the GPS frequencies. The US won't mind...
4. Probably no-one. Though Galileo is more precise than GPS.

 

[Information Analyst]

£92,000,000 for a feasibility study? I'd love to see the final accounting on where all that money goes! Sound like it will be about £1,000,000 in study and £91,000,000 in pork.

To who, what, or where?

 

[Mid]

In ******* sane!


"@PhilipHammondUK
Today, we are committing £92m from our Brexit readiness fund to design a national alternative to the EU’s Galileo satellite system.

We have a world-leading space sector and will do what it takes to support the jobs and expertise the UK needs."

Some questions.

How much will a complete Satnav system just for the UK cost? £92 million is a piss in the ocean when it comes to building a satnav system from scratch.

Who will launch them?

What bandwidth will we use? Didn't Galileo take the last frequencies available?

Who will use it? Military will continue using GPS as it is a NATO system. People aren't going to junk their Satnavs and mobile phones that use GPS for some purely British system as none of the manufacturers are going to offer it.

I can't find articles online but I seem to remember that when it was initially being discussed Galileo was put forward by the eurosceptics as an example of the EU wasting money on an unneeded project. So strange that they've changed their tune on that one.

 

[Archie Gemmill Goal]

Jesus H MF Christ.... lets investigate the feasibility of replacing something that works fine with a hugely expensive unnecessary exercise in idiocy because foreigners.

Thats yer brexit right there.

#dissolvetheunion

 

[Earthborn]

British GPS:

 

[Darat]

British GPS:

My goodness you've invented a time machine and we can see Britain in the year 2025!

 

[fagin]

British GPS:

Haha very good. Cool cars in background, and that ending even happens now with idiots blindly following their satnav.

 

[Blue Mountain]

To who, what, or where?

Unhelpful answer: to the people and institutions who usually get said pork, in ridings currently held by Conservative MPs.

More probable answer: a bunch of companies that have some sort of tie to the current government. It sounds like some people are going to get a lot of money for something that should cost an order of magnitude less. Which, admittedly, is £9.2 million, not the £1 million I had originally mentioned.

I'm still uncertain as to why a feasibility study should cost just south of a hundred million pounds. Or is their idea of a "study" to actually build and launch a satellite?

 

[P.J. Denyer]

My goodness you've invented a time machine and we can see Britain in the year 2025!

Can't be, they have no spikes on their cars and they're not fighting for petrol.

 

[jimbob]

Can't be, they have no spikes on their cars and they're not fighting for petrol.

Don't you and Darat know anything about Tomorrow's World. It's not actually using a time machine, but just an extrapolation - and I have always thought it rather optimistic.