Fact: The government is planning to introduce the biggest corporate tax cut in living memory.
Greetings Citizens!
Looks like David didn’t finish his sentence – no tax cuts for ordinary people, but great big juicy tax cuts for the corporations.
At the moment, companies based in the UK, with branches in other countries, don't get taxed twice on the same money so where the tax rate of the country they are in, is lower than UK tax, the company just pays the difference to the UK. Under new proposals, "large and medium companies" (mainly banks) will pay no tax in this country on money made by their foreign branches. (The exemption won’t be available smaller firms.) At the same time while the big corporations will be exempt from tax on their foreign branch earnings, they will still be able to claim the expense of funding their foreign branches against tax they pay in the UK! No other country does this. (For more info and references go to George Monbiot's website)
ΩΩΩΩΩΩ Over and out! ΩΩΩΩΩΩ
ΩΩΩΩΩΩ Over and out! ΩΩΩΩΩΩ
