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.... . While local businesses must pay 35% on profits, international corporations profit from a corporation tax rate of as little as 5%, thanks to a complex system where shareholders can receive a tax refund of up to six-sevenths of their tax paid in Malta. ... [Read full article on BBC ]
Thursday 25th of May 2017 09:54:43 PM
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Latest Finance News related to Corporation Tax

Paradise in the Med image
Source : BBC [Read Article] Thursday 25th of May 2017 09:54:43 PM
.... . While local businesses must pay 35% on profits, international corporations profit from a corporation tax rate of as little as 5%, thanks to a complex system where shareholders can receive a tax refund of up to six-sevenths of their tax paid in Malta. ...
Labour gambles on tax and spend – but will the public back it? | Larry Elliott image
.... The gamble is that on tax, if not welfare or immigration, Britain has moved to the left over the past decade, with bubbling public anger at “fat cat” pay and the widening gap between rich and poor. Almost half of Labour’s proposed tax increases come from corporation tax (£19. ...
Labour manifesto: Extra £48.6bn in tax revenue to fund pledges image
....It also includes the nationalisation of England's water companies and scrapping university tuition fees. Labour said all the pledges were costed, with other fundraising measures including corporation tax rises, a crackdown on tax avoidance and an "excessive pay levy" on salaries above £330,000. ...
Labour reveals 'fat cat' tax pledge aimed at reining in excessive pay image
.... Those proposals, which were not included in last week’s leaked draft manifesto, will be published in a separate document. Money for a series of giveaways will come from reversing corporation tax and inheritance tax cuts and a proposal to hit City transactions with a “Robin Hood tax”. ...
General election 2017: Labour 'plans water industry nationalisation' image
.... . They have been clear that they will increase income tax for the wealthiest 5% of taxpayers earning more than £80,000 a year and increase corporation tax by 19% to 26%. ...
Is Labour's manifesto living in fantasy land? Quite the opposite | Larry Elliott image
....That said, though, there are plenty of good things in the manifesto. The employers who whinge constantly about the poor quality of school leavers and graduates will be asked to contribute more to the education budget through higher corporation tax. ...
The left must take a lesson from the right and come together to win | Will Hutton image
.... Addressing the housing crisis with more and better homes is hard to fault. Funding this by reversing some of the recent cuts in taxation, for example returning corporation tax rates to 2012 levels, is hardly the stuff of revolution. ...
May to appeal to low-paid voters with new social housing pledge image
Source : Guardian [Read Article] Saturday 13th of May 2017 09:00:05 PM
....It marks the next phase of the party’s decision to ask businesses to pay more towards funding the state. John McDonnell, the shadow chancellor, has already announced plans to increase corporation tax from the current rate of 19% to 26% by the end of the decade. ...
Can corporation tax pay for Labour's education pledge? image
Source : BBC [Read Article] Thursday 11th of May 2017 05:09:52 AM
Corbyn needs to find £10bn a year to make good on tuition fee pledge | Phillip Inman image
....The shadow education secretary, Angela Rayner, has not ruled out Labour making good on the pledge – although the party has yet to spell out how it would be funded. It is unlikely that it could be paid for by raising corporation tax to 26%, since much of that revenue is already earmarked, including £8bn for schools, educational maintenance grants and free school meals for all primary school pupils. ...
Labour corporation tax hike could help schools but dent economy, says IFS image
. Labour’s plan to fund higher school spending through increases in corporation tax could boost educational performance but would risk damaging the economy’s long-term growth prospects, the Institute for Fiscal Studies has said. ...
Macronomics image
Source : BBC [Read Article] Monday 8th of May 2017 07:46:22 AM
Fangs: the lightning rise of Facebook, Amazon, Netflix and Google image
Source : Guardian [Read Article] Saturday 29th of April 2017 08:00:25 AM
....What lies behind the astronomical increase in value of the Fangs? To a certain extent, they’ve been buoyed by the same tide that raised US shares to record highs this year, the election of Donald Trump. The new president may threaten trade wars and real wars, and prompt unheard-of levels of domestic unrest, but to Wall Street investors, all that pales in comparison to a couple of policy proposals that have been on the cards since the day he won the Republican nomination - lower corporation taxes and a tax holiday on repatriated cash. ...
US growth rate hits three-year low image
Source : BBC [Read Article] Friday 28th of April 2017 12:40:39 PM
....It will be unwelcome news for President Donald Trump who, during his election campaign, made a pledge to raise growth to 4%. In a bid to fulfil that promise, on Wednesday the White House proposed slashing the rate of corporation tax. ...
Trump seeks tax windfall for business image
Source : BBC [Read Article] Wednesday 26th of April 2017 12:20:53 PM
Hard tackling image
Source : BBC [Read Article] Wednesday 26th of April 2017 11:25:54 AM
.... . The star would then pay corporation tax at a lesser rate than income tax. ...
Stock markets surge to new highs ahead of Trump's tax reform plan image
Source : Guardian [Read Article] Tuesday 25th of April 2017 05:35:25 PM
.... The index was boosted by technology giants such as Amazon, Apple, Microsoft, Google and Facebook, which will be among the main beneficiaries of any Trump tax reforms. The president’s long-awaited announcement is now expected on Wednesday, with suggestions of a cut in corporation tax from 35% to 15% and possible reductions in income tax rates, particularly for middle-income earners. ...
Labour plans to halt 'epidemic' of high street bank closures image
Source : Guardian [Read Article] Thursday 13th of April 2017 11:01:17 PM
....Responding to the announcement, the Conservative vice-chair and MP for Pudsey, Stuart Andrew, did not specifically comment on the plan, but criticised Labour’s wider policies. “Labour’s plan for our high streets would see corporation tax going back up to 28% and £500bn of extra debt – all under a Labour leader who said that we should not be afraid of debt or borrowing,” he said. ...
Starbucks blames UK profits plunge on Brexit and slowing growth image
Source : Guardian [Read Article] Thursday 13th of April 2017 12:32:31 PM
....Starbucks became the poster child for corporate tax avoidance in 2012 after details of its meagre tax contribution emerged. The furore prompted a deal with HMRC to waive tax deductions and pay £20m in voluntary corporation tax over two years, including £11. ...
Firms dispute Jeremy Corbyn's claim they pay bills late image
Source : BBC [Read Article] Tuesday 11th of April 2017 12:11:53 PM
....And he repeated Labour's pledge to create regional investment banks to make it easier for businesses to access finance. He said he wanted to create a "level playing field" for entrepreneurs by increasing corporation tax on big business and cracking down on tax avoidance, with the cash raised to be spent on improving skills training. ...
Corbyn attacks M&S and other big firms over late supplier payments image
Source : Guardian [Read Article] Tuesday 11th of April 2017 11:13:04 AM
....Any company bidding for public-sector contracts with a future Labour government would have to pay its own suppliers within 30 days, Corbyn said on Tuesday, and Labour would consider creating a binding arbitration system, with fines for persistent late-payers. The Labour leader pledged not to increase the corporation tax rate for small businesses and to scrap quarterly reporting for businesses with turnover of less than £83,000, calling it “a burden, a distraction, that will hold entrepreneurs back”. ...
Landlord tax changes come into effect TODAY: 'Renting will be more expensive', say critics image
....“We call on Ministers to undertake a major review of the impact of this policy and if all the predictions about its impact are right, to abolish the changes in the autumn budget. ”Buy-to-let investors are increasingly using commercial loans and setting up companies to buy investment property and instead pay corporation tax at 20 per cent, according to the National Landlords Association (NLA). ...
EU financial centres vie to poach tens of thousands of City jobs image
Source : Guardian [Read Article] Monday 3rd of April 2017 05:30:14 AM
....A wide-ranging review of reports, research papers and press releases showed that the French government had come under intense pressure to match London’s business-friendly environment. The socialist administration has been urged to cut its headline corporation tax rate from 33% to 25% to close the gap with the UK’s, where corporation tax falls to 19% this month. ...
Tory donor Lycamobile in £26m tax dispute image
Source : Guardian [Read Article] Monday 3rd of April 2017 05:30:14 AM
....Lycamobile gave nearly £1m to the Conservatives in 2015, while Subaskaran has previously been a guest at the Tories’ “black and white” election fundraiser at Grosvenor House hotel in Mayfair, an event for which guests paid up to £15,000 a table. His company’s support of the Conservative party has previously come under scrutiny after it emerged in 2012 that it had paid no corporation tax for three years. ...
Robbing Paula to pay Peter in the boardroom image
Source : Guardian [Read Article] Sunday 2nd of April 2017 05:59:46 AM
....As Suren Thiru, head of economics at the British Chambers of Commerce (BCC), puts it: “We enter a new tax year with a raft of changes adding to the upfront cost of doing business. While corporation tax is decreasing, companies are more concerned about the escalating burden of input costs, which hit firms before they even turn over a single pound. ...
Google reveals latest UK tax bill image
Source : BBC [Read Article] Friday 31st of March 2017 02:19:00 PM
....Google was charged £36. 4m in UK corporation tax last year, according to its latest accounts. ...
Cadbury says chocolate could get smaller after Brexit image
Source : Guardian [Read Article] Friday 24th of March 2017 01:56:19 PM
....Caton also defended the tax Mondelēz pays. The company paid no corporation tax in the UK in 2015 and 2014, the last years for which figures are available. ...
Why becoming a tax haven would be bad news for Britain image
Source : Guardian [Read Article] Wednesday 22nd of March 2017 06:30:42 PM
.... In Ireland, 12. 5% (its corporation tax rate, compared to 20% in the UK) might as well be the symbol of the state, so universal is cross-party allegiance to it. ...
Thames Water hit with record £20m fine for huge sewage leaks image
Source : Guardian [Read Article] Wednesday 22nd of March 2017 11:49:38 AM
.... The company apologised unreservedly, as it had when fined £200,000 in 2013 for similar offences. Water companies have been frequently criticised for making huge profits and awarding large shareholder dividends while paying little or no corporation tax. ...
Lord King: Scotland 'could be independent' image
Source : BBC [Read Article] Monday 20th of March 2017 09:34:16 PM
.... . And he added: "There's no reason why the rate of corporation tax in Northern Ireland has to be the same as in the rest of the UK, once we have the freedom to do that. ...
Hard Brexit 'could increase cost of making a car in UK by £2,400' image
Source : Guardian [Read Article] Monday 20th of March 2017 06:34:46 PM
....Lawrence added: “Both the EU and the UK would benefit from keeping free trade and supply chains unaffected because any tariffs would be damaging for both sides based on today’s complex supply chain arrangements. “Carmakers will have to review their manufacturing and supply chain network and investment decisions and plan for scenarios based on extra tariffs and charges/incentives on corporation tax. ...
Jones Bootmaker is on the brink – but it's not all gloom on the high street image
....Profits for bricks-and-mortar shops are being squeezed by the rise of online shopping, an increase in staff costs brought on by the introduction of the national living wage, and fierce discounting of the price of their products, which is designed to attract shoppers but hurts profit margins. On top of this is business rates – a tax that takes no account of falling profit and is now more costly than corporation tax for many shops. ...
Striver? Tory architect of austerity George Osborne banks £1m fortune image
....Osborne last year earned £44,647 in dividends from Osborne & Little, the wallpaper firm co-founded by his father, Sir Peter Osborne, through direct ownership of shares and as a life tenant of a family trust whose assets include shares in that company. Osborne received the windfall dividend payment despite the family firm having paid no corporation tax since 2008 because it has rolled over losses from previous years. ...
Landlord tax: How to beat new buy-to-let charges coming in NEXT month  image
Source : Daily Express [Read Article] Friday 10th of March 2017 04:44:00 PM
....Buy-to-let returns are set to be eroded as mortgage interest tax relief is reduced to the basic rate of income tax over the next four years. Now rental property investors are increasingly using commercial loans and setting up companies to buy investment property and instead pay corporation tax at 20 per cent, according to the National Landlords Association (NLA). ...
The shameless Tories have betrayed the self-employed – and themselves | John Harris image
.... Whatever, as automation eats away at conventional employment and technology allows companies to base their hiring decisions on hour-by-hour calculations, this model will only gain ground. So, who will the government help? For the platform giants, Hammond and the Tories go weak-kneed: corporation tax is due to fall to 17% by 2020. ...
'This is grossly unfair': self-employed readers react to NICs increase image
Source : Guardian [Read Article] Thursday 9th of March 2017 02:21:03 PM
....I don’t think that self-employment is good for society, it just temporarily postpones the problem with pensions and social care by almost getting people out of the system. So if you support that kind of work as a government, the stance should be to give us sick leave and maternity leave paid by the state and an increase in taxation, but mostly by corporation tax or a financial transaction tax. ...
Budget tax rise image
Source : BBC [Read Article] Thursday 9th of March 2017 01:40:23 PM
....He says that only the self-employed with profits over £16,250 will have to pay more as a result of these changes - at an average cost of £31 a year to those affected. Alettia Elwin, who is self-employed and teaches music to children, says that Mr Hammond should have targeted large businesses, who are seeing a cut in corporation tax, rather than the self-employed. ...
Hammond seems to be expecting business rates storm to just blow over image
Source : Guardian [Read Article] Wednesday 8th of March 2017 07:42:51 PM
....Simple alternatives are not easy, of course. We already have VAT and corporation tax applies to profit. ...
Budget 2017: NHS, families, cars - your questions answered image
Source : BBC [Read Article] Wednesday 8th of March 2017 05:14:18 PM
....Meanwhile the government's Red Book lists these other changes:. Doug asks: "How much will the reduction in corporation tax cost this country from 2010 to 2020?". ...
Business wish list image
Source : BBC [Read Article] Sunday 5th of March 2017 01:37:19 AM
....The IoD also wants to see an increase in the Annual Investment Allowance cap to £1m to boost investment by small and medium-sized businesses. The government should reiterate its manifesto pledge for the UK to have the lowest corporation tax rate in the G7 countries. ...
Buy-to-let landlords face huge tax increase from new law image
Source : Daily Express [Read Article] Sunday 5th of March 2017 12:01:00 AM
....Growing numbers of landlords are now setting up limited companies to sidestep the new rules. “Not only will they get full tax relief on their financing, they will pay corporation tax at just 19 per cent, which falls to 17 per cent in 2020,” Andrews adds. ...
London loses out in business rates revamp image
Source : BBC [Read Article] Saturday 4th of March 2017 12:07:28 AM
.... . In the 2004-5 tax year London's taxes - including income tax, corporation tax and stamp duty - accounted for 25% of Britain's overall tax revenue. ...
Dyson shrugs off Brexit fears with massive UK expansion plan image
Source : Guardian [Read Article] Tuesday 28th of February 2017 07:19:58 PM
.... The world outside Europe is expanding faster than Europe, and that is the same for Dyson,” he said. The tycoon said that Britain is a “great place to do business” due to the low rate of corporation tax, the skills of engineers and scientists, and the decline in the value of the pound against the dollar and euro. ...
Business rates: this toxic row will return unless we find a fairer alternative | Nils Pratley image
....There are, of course, no easy alternatives to a tax that raises £28bn a year for councils and the government. We already have a sales tax called VAT and corporation tax applies to profit. ...
Baby boomers don’t deserve to be punished | Letters image
Source : Guardian [Read Article] Sunday 19th of February 2017 06:31:16 PM
.... The firm my husband worked for paid for a staff trip every year – usually to Blackpool for the day. In addition, the company paid 52% corporation tax, and the chairman said he was happy to pay that tax. ...
Small shops recoil in the face of business rates that will more than double image
Source : Guardian [Read Article] Saturday 18th of February 2017 04:00:05 PM
....A report three years ago led by John Rogers, now the boss of Argos, and accountancy firm EY outlined four alternatives. These include measuring energy usage rather than property values; offering discounts for employing workers; linking business rates to corporation tax; and tweaking the existing system by introducing more frequent revaluations. ...
UK business rates battle hots up as firms challenge government image
Source : Guardian [Read Article] Friday 17th of February 2017 11:52:58 AM
.... But appeals are less likely to be successful now and the outcome appears to be unfair, which will no doubt deter many businesses from trying. “Business rates are a significant cost, raising approximately half as much as corporation tax. ...
A stock market crash is a way off, but this boom will turn to bust | Larry Elliott image
....Wall Street is also salivating at the prospect of nice fat tax cuts from Trump. The White House will announce details of its plans shortly but they are certain to involve a hefty cut in corporation tax. ...
'The UK is a tax haven' – Bermuda attacks plan to end financial secrecy image
....While Bermudian companies did not feature heavily in the Panama Papers, they have played a role in other financial scandals including Bernie Madoff’s notorious Ponzi scheme and more recently in fraudulent public offerings on the Singapore stock exchange. The mid-Atlantic nation is a major centre of tax avoidance, with Google and other multinationals attracted by a zero corporation tax rate. ...
Jeanette Winterson to close London shop due to business rates surge image
Source : Guardian [Read Article] Monday 23rd of January 2017 07:01:42 PM
....8bn – the tax has been condemned by some retailers who claim it fails to take into account financial performance and is based solely on the value of commercial property and the annual rate of inflation. Most high street retailers pay more in business rates than they do in corporation tax, leading to criticism that the levy hands an unfair advantage to online-only retailers such as Amazon because they control less property. ...
Formula One pulled a fast one on the US taxman – and it's all perfectly legal image
....Delta Topco’s revenue comes from four main sources – fees from race organizers, broadcasters and sponsors as well as the sale of corporate hospitality tickets. The vast majority of this is received by the company’s subsidiaries in Britain where corporation tax comes to 20%. ...
Davos without Donald Trump is like Hamlet without the prince image
Source : Guardian [Read Article] Tuesday 17th of January 2017 10:29:43 AM
....It would be wrong, however, to imagine that business is terrified at the prospect of a Trump presidency. Boardrooms rather like the idea of a big cut in US corporation tax. ...
Malta accused of being tax haven as it takes EU presidency image
Source : Guardian [Read Article] Wednesday 11th of January 2017 08:00:14 AM
....”. On paper, Malta has the highest corporation tax in the EU – 35%. ...
Basic shop disciplines deliver Morrisons a merrier Christmas image
Source : Guardian [Read Article] Tuesday 10th of January 2017 03:13:19 PM
.... Corbyn should set out his proposed rates – it’s the detail that matters. Fourth, Corbyn said companies that don’t pay anyone more than a certain multiple of the pay of the lowest earner could enjoy a lower rate of corporation tax. ...
Jeremy Corbyn suggests maximum earnings limit image
Source : BBC [Read Article] Tuesday 10th of January 2017 09:32:25 AM
....On Europe, Mr Corbyn attacked the government's lack of clarity over its negotiating objectives and said while there was no doubt that Brexit would happen, the UK must continue to have a close trading relationship with the EU after its exit. "What we don't want to do is turn Britain into a bargain basement economy on the shores of Europe where we continuously reduce corporation taxation, encourage a low-wage economy," he said. ...
Chancellor failing to cancel ‘tax giveaway’ to banks, says Labour image
Source : Guardian [Read Article] Monday 2nd of January 2017 02:18:10 PM
....Big banks, including HSBC and Standard Chartered, which felt penalised by the levy, told him that they could move their headquarters outside the UK. Osborne announced phased cuts in the levy over the parliament and made up the shortfall in revenue by imposing an 8% surcharge on banks’ corporation tax, which falls on all lenders, not just the largest. ...
Dozens of UK banks and financial firms 'looking at moving to Ireland' image
Source : Guardian [Read Article] Sunday 25th of December 2016 09:00:09 AM
....Shanahan told the Guardian that Ireland’s low 12. 5% corporation tax remained sacrosanct as one of the Irish Republic’s key fiscal policies. ...
Ireland may not get Apple's €13bn back taxes in full, EU says image
Source : Guardian [Read Article] Monday 19th of December 2016 11:56:26 AM
....Only national tax authorities can decide whether they wish to pursue Apple for taxes on profits booked in Ireland. While Brussels is confident it will win its case, the Irish government accused the commission of riding roughshod over Ireland’s sovereignty, by trying to rewrite the country’s corporation tax rules. ...
Bermuda is world's worst corporate tax haven, says Oxfam image
Source : Guardian [Read Article] Monday 12th of December 2016 12:01:40 AM
....”. UK corporation tax is due to fall to 17% by 2020 from its current level of 20%, and the prime minister has suggested there could be further cuts to attract businesses. ...
McDonald's to scrap Luxembourg tax structure image
Source : Guardian [Read Article] Thursday 8th of December 2016 05:11:31 PM
.... In October last year, G20 leaders agreed a radical overhaul of international tax rules designed to stamp out such loopholes. The Organisation for Economic Co-operation and Development, a thinktank for developed economies responsible for drawing up the revisions, has estimated that, even on conservative assumptions, large global businesses were shifting profits and eroding the tax receipts of economies around the world at a cost of $100bn-$240bn (£65bn-160bn) a year – equivalent to between 4% and 10% of global corporation tax revenues. ...
McDonald's to move non-US tax base to UK image
Source : BBC [Read Article] Thursday 8th of December 2016 02:38:31 PM
....Kamal Ahmed: Theresa May's post-Brexit economy test. A McDonald's spokesman said the shift in the tax domicile for its non-US operations was not to do with obtaining a better rate of corporation tax, but was more to do with making its operations more efficient. ...
Heard the latest Christmas story? It’s about how UK banks pay all their taxes | Prem Sikka image
.... Newspapers sympathetic to the finance industry have latched on to the headline figures, but the fine print of the report tells another story. The report says that it uses “the PwC Total Tax Contribution methodology, which looks at all the different taxes that companies pay and administer, including corporation tax, employment taxes, VAT, and other taxes”. ...
Landlords scramble to avoid higher buy-to-let taxes, report finds image
Source : Guardian [Read Article] Friday 2nd of December 2016 12:01:00 AM
.... “You cannot just transfer a property into a company – you have to sell it to the company and that could trigger other costs,” he said. “While corporation tax is low, you do have to think about things like how you will get your income out of the company. ...
Ikea considers bamboo and new materials to keep prices low image
Source : Guardian [Read Article] Tuesday 29th of November 2016 12:01:33 AM
....Drakeford also defended Ikea’s tax policy after claims by the Green/EFA group in the European parliament that it may have underpaid taxes by €1bn (£853m) between 2009 and 2014 due to aggressive strategies. She said Ikea had paid £97m of corporation tax in the UK since 2012 and had not received any requests from the European commission for information about its tax payments. ...
Philip Hammond defends 'doom and gloom' Brexit forecast image
Source : Guardian [Read Article] Thursday 24th of November 2016 09:38:25 AM
....Speaking earlier on the programme, the shadow chancellor, John McDonnell, said Hammond had some wrong economic priorities given the uncertain economic climate. “They have given tax giveaways on capital gains tax, corporation tax, inheritance tax to the wealthy in our community and corporation, cutting universal credit to people they call Jams – just about managing – people going into work, looking after their families, doing everything they ask for,” he said. ...
Brexit will blow £59bn hole in public finances, admits Hammond image
Source : Guardian [Read Article] Wednesday 23rd of November 2016 08:39:09 PM
....”. While Hammond unravelled some of Osborne’s policies, including his strict tax and spending rules, he reaffirmed several of his predecessor’s key pledges, including raising the tax-free personal allowance to £12,500 a year by the end of this parliament, and cutting corporation tax to 17%. ...

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