Quite sincerely have you got evidence of that? For example how many of those headquarters were set up post the 2010 budget and so on?
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Brexit: the referendum
- Thread starter MikeG
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Quite sincerely have you got evidence of that? For example how many of those headquarters were set up post the 2010 budget and so on?
Have a look at the article in my post above from the business insider. Here is one example from the article "In 2012, Rowan, which has a market value of $4 billion, shifted its legal and tax base from the United States to Britain. But not much else.
“We changed our corporate structure and we’re legally domiciled in the UK but our headquarters and our management team remain in the U.S.,” Suzanne Spera, Rowan’s Investor Relations Director said in a telephone interview from Houston.
“It has been positive. We take advantage of trying to be competitive with our effective tax rate.”
Indeed, Rowan filings say the shift helped cut the company’s effective tax rate to 3.3 percent in 2013 from 34.6 percent in 2008. Spera said Rowan complies with all UK tax rules.
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Lothian
should be banned
CT and Vat are 20%. If a UK.Co.has a 3.3% net Tax rate they are not the poster boys for attracting businesses to the UK.
CT in the UK can be as low as 10% if companies are able to take advantage of the patent box and if most of their business is not in the UK they are probably also using EXISTING tax rules to reduce their VAT too
CapelDodger
Penultimate Amazing
If a company is a "UK company" it may be paying little or no taxation in the UK - nor, of course, in whatever tax haven it transfers its profits to.
Yes but if it is a UK company with the delivery of its services and products here at least it spends its turnover and a % of its profits here. The companies in the business insider article have a maximum of a few hundred people actually based in the UK and the majority of all revenues and turnover and assets are somewhere else adding to the GVA and employment of those places.
Archie Gemmill Goal
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Which has nothing to do with the ownership question originally raised.
Henri McPhee
Illuminator
There was an article in the Mail on Sunday financial section yesterday which makes me wonder about the European Political Union:
"Multinationals have successfully argued that they have had to pay higher rates of tax on dividends from foreign subsidiaries than they would have done on dividends from within the UK. This, they argued, was contrary to European single market principles.
The claim is one of the biggest in a series of long-running disputes by corporate groups which could end up costing the Government £43billion".
"Multinationals have successfully argued that they have had to pay higher rates of tax on dividends from foreign subsidiaries than they would have done on dividends from within the UK. This, they argued, was contrary to European single market principles.
The claim is one of the biggest in a series of long-running disputes by corporate groups which could end up costing the Government £43billion".
Lothian
should be banned
Quite correct, tax on dividends is not covered by EU regulations, it is entirely within our own sovereignty. Any shortcomings arise out of our ability to act independently.
Thank you for highlighting how passing more powers to Brussels would help create a level playing field for UK businesses and save the UK taxpayers £43 billion.
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CapelDodger
Penultimate Amazing
I've long lost any sense of wonder at what one can find in the Mail on Sunday financial section - or any of its sections, come to that.
I have no idea what this has to do with brexit, nor indeed with reality. You are aware of the unemployment rate in Spain, I presume, and the size and state of its economy?
No, actually, you can't be, or you wouldn't have written this nonsense.
ComfySlippers
Banned
Maybe if we apply to The Council for planning permission to build an extension to The UK, we too could build a big long straight road and railway line.
Information Analyst
Penultimate Amazing
Bollocks. Ireland was in economic decline for decades until bouyed-up by the mid-1990s "Celtic Tiger," and we all know how that panned out.
Unlikely to happen until there is a Catholic majority.
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CapelDodger
Penultimate Amazing
That's why Taigs have such big families, y'know.
ddt
Mafia Penguin
Are you frickin serious?
VAT is only an actual cost for consumers. Yes, if you buy a Märklin model train for your son's birthday, you actually pay VAT on it. But businesses include in their VAT filings both the VAT they collect on their sales and the VAT they pay on their purchases, and pay the difference to HMRC (or get it back if the difference is negative). So VAT is never an actual cost for a business. When a UK rail company buys a train from a German manufacturer, it only pays the VAT on paper, and then immediately subtracts the "paid" VAT in its VAT filing so the net result is zero.
But what are we talking about British rail companies? British Rail is defunct, and most of the current operators are either owned by Abellio - a subsidiary of the Dutch railways - or by Arriva - a subsidiary of Deutsche Bahn - or by Eurostar, a subsidiary of the French and Belgian railways.
ETA:
No, the VAT rules are there to have unified VAT rules. VAT is basically a sales tax that costs the end consumer but whose administration runs through the whole value chain. And the principles of VAT are laid down in EU directives, notably the Sixth Directive, and those rule supreme over UK law. For businesses, VAT doesn't cost one iota, except for the administrative burden.
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ComfySlippers
Banned
It's one of those things that is so easy to understand that people don't understand it.
I once had great difficulty getting an employee to understand that yes, whilst the business could buy a brand new vehicle and 'not pay' VAT on it, I couldn't sell it to him without adding VAT.
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Jules Galen
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No...but I am aware of the GDP (PPP) per capita in Spain and it is fast catching up to the UK.
https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(PPP)_per_capita
France is Higher. And so is Germany Austria Sweden and the Netherlands....yada, yada,yada.....
And...Ireland is Waaaay Higher.
No...you don't have the Land Title to paradise. Not even close.
Think about it.
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Lothian
should be banned
You are missing the point that if we leave the EU then we are no longer subject to the VAT directive. UK and EU law will need to change if we leave the EU and want to keep the current situation otherwise goods and services from the EU will be Vat free. UK businesses do not currently charge Vat on supplies outside the EU.
Are you aware of any non EU country which is treated as being within the EU Vat club?
Is your view that the supporters of Brexit want the UK to cede sovereignty of VAT to the ECJ?
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