Shadow chancellor Rachel Reeves tells business summit of measures to boost investment, productivity and certainty
Graham Watson's insight:
The long schmooze is well underway, with Rachel Reeves addressing a business summit today and making a number of promise, not least to ensure that corporation tax doesn't go above 25% under the next government, and calling on a closer relationship between the government and business to boost investment, productivity and certainty.
As I observed the other day - it's beginning to look a lot like 1995.
The tax was introduced last year to help fund the government's scheme to lower energy bills.
Graham Watson's insight:
With energy prices falling, it seems as though the government are on the point of suspending the recently introduced windfall tax. The higher rate windfall tax was introduced last year in response to higher energy prices as a result of the Ukraine war.
As things stand, the article makes it clear that "Oil and gas firms operating in the North Sea pay 30% corporation tax on their profits and a supplementary 10% rate on top of that. The windfall tax - or Energy Profits Levy - is set at 35%, taking the overall tax rate faced by oil and gas companies to 75%."
If energy prices are seen to normalise, that will return to a 40% tax rate.
Chancellor mulls new measures to boost investment and repel fear over UK’s faltering status as a global business hub
Graham Watson's insight:
It seems as though the principal focus of the Budget as far as business is concerned will be trying to boost business investment. That would be good news: however, the problem for the government is that this is unlikely to increase economic growth in the short-term, and a further problem is that whether this will be enough to revive a moribund UK economy.
Additionally, it's also tricky for the government to suggest that they've been implementing coherent policy in that there's already a proposed rise in corporation tax from 19% to 25% due to take effect. So the question is how to offset this - are the government going to allow businesses to write off tax on all business investment in the year in which it is made? Certainly business is looking for help.
Figure raised exceeds what most of the digital businesses have been paying in UK corporation tax
Graham Watson's insight:
As an interesting aside, it's fascinating to see that the new Digital Services Tax - a 2% levy on the gross revenues of tech companies - has generated £360m in tax revenue from US tech giants in its first year.
The reason this is eye-catching is because this represents more that most of them have been paying in corporation tax. It must give both the UK, and other, governments food for thought as regards the taxation of these firms.
After series of U-turns and Kwarteng’s sacking as chancellor, here’s where things stand
Graham Watson's insight:
A little primer - this Guardian piece looks at the ill-fated mini-Budget and outlines which aspects of it remain, and where there have been U-turns.
In short, the 45% higher tax rate has been reinstated and corporation tax is going to rise to 25% in April 2023, having originally been slated to be cut to 19%.
And today the new Chancellor, Jeremy Hunt, has suggested that there might be a need for further tax rises and spending cuts to re-assure financial markets, so perhaps there might be further U-turns. There are lots of dizzy economists around at the moment.
Exclusive: Free Market Forum suggests scrapping free childcare hours and abolishing corporation tax
Graham Watson's insight:
And here's what the Guardian believes could be the supply-side agenda that the government commits to - deregulation across the board, notably in childcare and education, and the abolition of corporation tax.
Quite how this is all going to occur, not least given last year's commitment to a global minimum level of corporation tax, heaven only knows, but you can't say you haven't been warned.
Chancellor Kwasi Kwarteng has delivered what the government calls a "fiscal event". Here is how it affects you.
Graham Watson's insight:
The traditional personal finance column after a major fiscal policy intervention. "What does it mean for you?".
I'll summarise. If you're getting your financial news from the BBC website, probably very little. If you take the Financial Times, it means you'll be quite a bit richer. But presumably you already knew that.
Kwasi Kwarteng will borrow billions to boost growth and limit the impact of soaring bills.
Graham Watson's insight:
The BBC kicks off the day with speculation about a tax cutting mini Budget, with rumours about cuts in Stamp Duty and the possibility of income and corporation tax cuts, as well as the well signposted rollback of National Insurance.
Apparently, this is all part of a pro-growth agenda - but I have to say that if it was this easy, smarter people than the current Prime Minister would have come up with these policies.
Analysis: Increases to income and corporation tax and higher NICs have contributed to the biggest UK tax burden since the 1950s
Graham Watson's insight:
This Phillip Inman piece skewers the Chancellor's view of himself as a low tax Chancellor noting that his period of office has been characterised by tax increases notably in income tax, corporation tax and National Insurance.
And don't mention the windfall tax. Or Energy Profits Levy, or whatever linguistic ruse that has been adopted.
Chancellor said to be planning to slash corporation tax surcharge from 8% to 3% from April 2023
Graham Watson's insight:
To the rich, the spoils - it would seem - with the Chancellor apparently thinking about cutting the corporation tax surcharge on the economy's banks from 8% to 3% in order to keep them competitive.
This will, no doubt, be well-received by those who've seen the end to the temporary uplift in Universal Credit, and those of us now paying more in National Insurance to fund social care.
Now, remind me, where did the Chancellor make his money - pre-marriage that is...
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Company says UK business as a whole paid out £492m in ‘direct taxes’ in 2020 – up from £293m in previous year
Graham Watson's insight:
Another example of tax avoidance, with Amazon UK only paying an extra £3.8 million in corporation tax despite a £1.9 billion increase in sales. However, the company claims that it paid £492 million in direct taxes in 2020.
So what? Amazon UK employs 55,000 people in the UK, and like any other employer pays National Insurance, business rates, Stamp Duty and corporation tax. Why should Amazon think that it is special? I find this shameless, and yet, the vast majority of us still us Amazon.
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Global changes could mean Treasury loses £230m from Google, Amazon, Facebook and eBay
Graham Watson's insight:
Interesting research from campaign group, TaxWatch, which argues that the planned minimum global corporate tax rate might actually reduce the tax revenue paid by the tech giants.
They argue that this agreement, which is going to supercede the digital services tax, is going to reduce tax revenues, contrary to popular belief, although the finer details are yet to be worked out.
The Tories claim UK corporation tax will be higher than the US’s proposal, but the suspicion is this plan will be dropped, says Guardian columnist Polly Toynbee
Graham Watson's insight:
Polly Toynbee asks "If Joe Biden's plan to increase corporation tax is so popular", why haven't the UK government come out in support of it?"
I'm not overly convinced that they haven't - indeed, the noises off indicate that its being considered, but at the same time there's also a feeling that stronger than anticipated growth might boost tax revenues with the need for tax rises.
However, if you like old-school polemic then this sort of article's for you - and if you read the Guardian, and particularly Polly Toynbee's columns, then you probably do.
A study says taxes will reach 37% of national income by next election - the highest since 1948.
Graham Watson's insight:
Today's lead story on the BBC website is the fact that the UK is heading for the highest level of taxation since 1948 as a proportion of national income. The Institute for Fiscal Studies highlights the rise in corporation tax, on the profits of energy companies and the freezing of tax thresholds and the associated fiscal drag as being the causes of this.
And yet, for all of this, tax as a proportion of national income in the UK is still lower than comparable rates in Europe.
The chancellor confirms corporation tax will go up but opposition is expected from some Tory MPs.
Graham Watson's insight:
Corporation tax is set to go up again - in the face of some Conservative opposition - with the marginal rate of corporation tax rising from 19% to 25%. Even there, it represents the lowest corporation tax rate in the G7.
However, there's a sweetener: "every pound invested by businesses in IT equipment, plants or machinery to be deducted in full from taxable profits." It's claimed that this represents the equivalent of a annual £9bn cut in corporation tax.
Firms in Slough tell us what they are hoping to hear from the chancellor next week.
Graham Watson's insight:
The first of what will be numerous 'vox pops' in the next week, asking people what they want from the Budget. And ironically, given the the Prime Minister is the former Head of School at Winchester, and his Chancellor, the former Head of School at Charterhouse, the BBC has gone to Slough - next door to Eton, to ask, at one of the rare times in the past decade when the Prime Minister hasn't been an Etonian.
Still, it's worth reading what ordinary businesses want. Frankly, I think they've set the bar a bit high. Would competence be too much to ask...
No commitment yet to cut banking surcharge after corporation tax U-turn, with sector facing headline tax rate of 33%
Graham Watson's insight:
And this is why the Guardian carries its editorial - whereas previously the government was committed to removing the 8% banking surcharge levied on top of corporation tax, the new Chancellor has not commented on the matter.
As a result, bigger institutions could find themselves paying £4bn more in tax, something that they wouldn't have expected to do under City-friendly Chancellor, Kwasi Kwarteng.
Speculation that reversal on leadership campaign pledge risks split with her chancellor, Kwasi Kwarteng
Graham Watson's insight:
Well I never, another U-turn. I've lost count of how many have been made in the last fortnight. However, it seems as though the cut in corporation tax announced in the mini-Budget to 19% is going to be reversed and returned to 25%.
Who would have thought it. Well, the markets have - it seems as though bond prices and yields and foreign exchange markets have already factored in yet another U-turn.
Paul Johnson provides an immediate response to the government's mini-Budget.
Graham Watson's insight:
I pity Paul Johnson having to reply cogently to today's mini-Budget. It almost defies explanation - particularly for a thinktank like the IFS.
I don't know how he manages to avoid any expletives. It's a fine performance. My only quibble? It's not an economic experiment: that would imply that it's been well-thought out, and fully researched, or costed.
From soaring inflation and gas prices to tax take and national debt, these are the trend lines that frame Kwasi Kwarteng’s calculations
Graham Watson's insight:
Five charts that illustrate the economic circumstances facing the Chancellor as he unveils his mini-Budget today. This Guardian piece looks at inflation, corporation tax, National Insurance, wholesale gas prices and government debt.
Tax benefit was part of £850m in tax credits provided to online retailer by governments across Europe
Graham Watson's insight:
I'll just post this here and allow you to speculate at to whether this is an example of tax avoidance or not. Amazon's online retail business allegedly made £204m in profit last year, but refuses to operate a transparent policy in relation to the amount of corporation tax that it pays.
Analysis: Sunak hints Labour proposal ‘not off the table’ but criteria suggests very few firms would be penalised
Graham Watson's insight:
So how would a windfall tax work? This Guardian article investigates and offers a very basic outline of what might happen. The theory is that aside from the regular 19% corporation tax they pay, the oil companies would also be subject to an additional 10% tax.
The aim of the move would be to tax the combined £25bn profit of BP and Shell such that enough revenue is raised perhaps to fund discounts on home energy bills.
Streaming company adds 2 million UK subscribers in 2020 and vows to pay more tax
Graham Watson's insight:
Another example of how a large tech company is able to avoid paying tax - in this instance, it's Netflix who paid £4m in corporation tax on revenues of £1.15bn.
Of course, the headline over-simplifies to a degree - Netflix will also pay income tax and corporation tax but it does rather seem as though the streaming giant has a low effective tax rate. And it will be interesting to see how the global minimum corporation tax affects such companies.
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Proposal for 21% minimum corporate rate would generate additional £14.7bn for Britain, says IPPR
Graham Watson's insight:
The Institute for Public Policy Research seems to support the view that a minimum global corporate tax rate would be a good thing - generating a £14.7bn fiscal dividend for the UK if it were set at 21%.
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