Not a tax haven.

[thesultanofsheight]

 

 

 

It seems perfectly reasonable to me that we can set personal tax rates/allowances however we like, no matter how unfair or otherwise it may seem. I really cant see how the OECD can tell us that 20% (say) is too low and must be increased, or that the tax cap it not reasonable, even if they are right.

 

I can see them getting pissed off with the 0/10 regime and similar schemes in Ireland, Luxembourg etc which are designed to attract companies merely for the tax rates.

 

They'll have to lump it with the zero ten. They can do fuck all about it.

We and other countries can set their taxes as they like.

I think when you get into zero territory that's not quite right.

They eventually got places for offering exemptions from tax so we then moved to tax; but tax at a rate of zero percent. I think we will have to move from that at some stage just like we had to move from exempting income from tax. A move to 5% would hardly hurt anyone as most companies would be able to turn that into an effective rate of zero anyway. That's why the banks and insurance companies elected to stay taxed at 10%. It allows them to write off most of their taxable profits against investments into the business anyway. I'm sure 5% would be fine for any trading companies.

I think this is very wrong!

 

Much of our economy is based on 0% tax and without it, that element is threatened. A move to 5% would be significant and not in a good way!

 

The banks went from 20% to 10% and so received a tax rate reduction. In some cases they are taxed elsewhere as well and so IOM tax is a credit against foreign tax. Do Insurance cos pay tax at 10%, I think that would surprise many of them.

 

Notwell says the rest of the world can do nothing about our tax rates, I hope he is right but worry that he might not be.

They can elect to pay tax at 10% and I thought some did

 

https://www.gov.im/media/364519/pn13406.pdf

[notwell]

Surely you have listened to Mr Bell on MR and have seen the press releases?

Yes.

 

But the bottom line is that all we are (rightly) doing is allowing a bit more access to information. Most of which existed already anyway really.

 

0/10 will be staying. The detractors are running out of reasons to keep chipping away. They have transparency, they have reporting.

We're in business. It's up to other countries to sharpen up their game and decide what is in their best interests. What is stopping the UK making it 0% corporation tax?

[rmanx]

What is stopping the UK making it 0% corporation tax?

Rioting and guillotines?

[notwell]

 

What is stopping the UK making it 0% corporation tax?

Rioting and guillotines?

 

Nope.

What stops them is that commercially it isn't in there best interests when they weigh off what they would lose against what they would gain by opening themselves up as a 0% corporation tax location.

That is there decision. It doesn't mean they can dictate to other countries how to set their tax regime.

 

Look here at Germany:

 

http://www.tradingeconomics.com/germany/corporate-tax-rate

 

At the moment you have the UK reducing their corporate tax level. What do you think the UK would say if Germany came along and asked them to hike corpration tax rates to 30% to make it "fair"?

Edited April 27, 2016 by notwell

[Andy Onchan]

Beware of the OECD scaremongering:

 

http://www.independent.co.uk/news/uk/politics/eu-referendum-brexit-would-cause-tax-like-burden-on-uk-incomes-oecd-warns-a7002956.html

 

This organisation is absolutely unaccountable and is free to interfere with your future.

Edited April 27, 2016 by Andy Onchan

[pongo]

At the moment you have the UK reducing their corporate tax level. What do you think the UK would say if Germany came along and asked them to hike corpration tax rates to 30% to make it "fair"?

If you look at the way in which taxation treaties work between, for example, the US and the countries with which it has full taxation agreements then you can see that there is already effectively a precedent for this sort of thing.

 

But it is not, as you represent it, about one country telling another the rate of tax which it should charge. Instead a company or individual based in one place but doing business in another will be taxed at a different rate depending on the rate it is already paying in its host jurisdiction.

 

Eg - someone based on the IOM but selling electronic goods or services licences into the US is currently paying 30% US tax. Someone based in the UK pays 0% US tax. If the UK leaves the EU we will likely see similar taxes imposed by EU countries.

 

So the logical extension of this would be that a company based in a one place but doing business in another would be taxed, where the business is done, at rate adding up to and negating any saving.

Edited April 27, 2016 by pongo

[manxie44]

 

Surely you have listened to Mr Bell on MR and have seen the press releases?

 

Yes.

 

But the bottom line is that all we are (rightly) doing is allowing a bit more access to information. Most of which existed already anyway really.

 

0/10 will be staying. The detractors are running out of reasons to keep chipping away. They have transparency, they have reporting.

 

We're in business. It's up to other countries to sharpen up their game and decide what is in their best interests. What is stopping the UK making it 0% corporation tax?

This sounds unsurprisingly , like arrogant panic, not unlike that being spouted almost daily by Bell on the Governments ' Mouthpiece '

[notwell]

You have a really strange perception of panic.

[hillshepherd]

"NOT A TAX HAVEN" says the headline,we are fucking nothing now!!!

[Kopek]

When Gladys, the FS voice of reason on here, is starting to sound worried...... you should be listening.

[slinkydevil]

Panama Papers searchable database:

 

https://offshoreleaks.icij.org/

[NoTail]

Good job we are not a tax haven. Mr Cameron seem to be having a go at them today.

[notwell]

He's already publically stated we are not one.

[Donald Trumps]

Chief Minister appears to have said the unsayable & told the Yanks they're the absolute pits when it comes to tax dodging etc

 

Wonder if that greaseball Kerry was still in the room?

[woolley]

Good for Bell. About time somebody said it. I wonder if he'll start seeing other elephants in other rooms.