Way to go - No corp tax for small firms
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kenneal - lagger
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Way to go - No corp tax for small firms
How long before this is made illegal? Can't have a tax advantage for small people!!
Action is the antidote to despair - Joan Baez
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johnhemming2
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The diverted profits tax came in from April this year
https://www.gov.uk/government/uploads/s ... ts_Tax.pdf
https://www.gov.uk/government/uploads/s ... ts_Tax.pdf
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Little John
Re: Way to go - No corp tax for small firms
Either the government makes it illegal for everyone, in which case this strategy will have served its purpose of closing this absurd corporation loophole. Or, the government will just make it illegal for ordinary people to do. In which case, the veil of bullshit about everyone "being in it together" gets lifted some more from people's eyes.kenneal - lagger wrote:How long before this is made illegal? Can't have a tax advantage for small people!!
Either way, it is a result.
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emordnilap
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The advisors to the government on tax legislation are also the tax advisors to these rogue multinationals.
In other words, they write the loopholes. Following some diaphanous concessions for PR ("victory for the small trader" etc), the little people will continue transferring money to the 1%; this is guaranteed.
In other words, they write the loopholes. Following some diaphanous concessions for PR ("victory for the small trader" etc), the little people will continue transferring money to the 1%; this is guaranteed.
I experience pleasure and pains, and pursue goals in service of them, so I cannot reasonably deny the right of other sentient agents to do the same - Steven Pinker
It would be nice, but it's just a gimmick. I doubt they can do all the tricks of a corporation with addresses in different countries that can run carousel VAT tricks, transfer pricing, and run at a 'loss' in high tax countries and a 'profit' in no tax areas. If you simply take your earnings abroad HMRC will rule like Judge Jeffries on your alledged UK earnings.
Still, it's a poke in the eye to the Whitehall scum who make the 17000 page UK tax rules so that their City chums, Sponsors and MPs etc. can rake it in.
Try 'Treasure islands'/Shaxson and 'The great tax robbery'/Brooks if you want high blood pressure.
Still, it's a poke in the eye to the Whitehall scum who make the 17000 page UK tax rules so that their City chums, Sponsors and MPs etc. can rake it in.
Try 'Treasure islands'/Shaxson and 'The great tax robbery'/Brooks if you want high blood pressure.
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johnhemming2
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Well let's scan that document:
'The diverted profits tax will not reflect any profits relating to transactions involving only loan relationships. ' - Many of the multinational scams involve 'permanent' loans with no repayment.
'Where specific conditions are met and the designated HMRC officer considers that certain expenses otherwise deductible may be greater than they would have been at arm’s length; the diverted profit charge will initially reflect a 30 per cent disallowance of those expenses.' - Lets hope its not 'out to lunch' Dave Hartnett doing the review or we are stuffed.
That's just page 1+2 of 76. Have HMRC replaced the 1000s of forensic accountant inspectors, they scrapped from 2004 - 2011??
https://www.opendemocracy.net/ourkingdo ... y-reviewed
'The diverted profits tax will not reflect any profits relating to transactions involving only loan relationships. ' - Many of the multinational scams involve 'permanent' loans with no repayment.
'Where specific conditions are met and the designated HMRC officer considers that certain expenses otherwise deductible may be greater than they would have been at arm’s length; the diverted profit charge will initially reflect a 30 per cent disallowance of those expenses.' - Lets hope its not 'out to lunch' Dave Hartnett doing the review or we are stuffed.
That's just page 1+2 of 76. Have HMRC replaced the 1000s of forensic accountant inspectors, they scrapped from 2004 - 2011??
https://www.opendemocracy.net/ourkingdo ... y-reviewed