2.4% tax on £4.6bn corperate profit

Discussion in 'Current Affairs, News and Analysis' started by pp0470, Feb 19, 2011.

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  1. Now, now. Don't you know that if we're not careful they'll take their tax-avoidance elsewhere?

  2. What has legitimate tax avoidance by a company got to do with the eyewatering profligacy and waste in local and central government?

    At last the much villified 'fat cat bankers' actually put money into the economy, fat cat councillors? Not so much

    The council 'fat cat’ earning £570,000 - Telegraph
  3. Can't argue with that. Councillors are second only to politicians themselves when it comes to pissing taxpayer's money up the wall.

    Having said all that, the top level bankers(never was rhyming slang so apt!)are fair game and I would shed no tears if they are gang-raped then torn apart by a baying mob. Not that there is any danger of that happening; senior plod are well aware of what side their bread is buttered on, and anyone trying to get Egyptian on a fat cat banker will find the brief remainder of his life to be noisy and filled with incident...
  4. Auld-Yin

    Auld-Yin LE Reviewer Book Reviewer Reviews Editor

    Using two wrongs to try and make a right are we?
  5. If it's legally done fair enough, the last set of clowns added so many pages to the tax rules that even tax specialists don't always get it right.

    On the other hand if that's all they're paying into the kitty, it makes the argument that we need the banks here to bolster the economy look a bit thin.

    Finally, as Barclays wasn't bailed out by the taxpayer, will the BBC check on RBS, Lloyds, and Northern Rock to let us know if they paid their full share, after bonuses of course.
  6. It's entirely legal for government to cut our allowances and pensions too. Doesn't make it right.
  7. The amount of lobbying of government that the financial services sector indulged in to make it so is truly breathtaking - see Private Eye for details.

    It's one thing to as a sector insist that only they had the technical competence to regulate the industry without stifling it and quite another to then turn round when things go tits up and insist that actually they're not really a sector at all but a collection of individual companies and they themselves shouldn't be held responsible for some other chap's cock up.

    With authority goes responsibility - well, they campaigned long and hard, united as a sector, to get that authority so I have precisely zero sympathy for their "'big boy did it and ran away" arguments.
  8. It is perfectly right for a bank (which is a legitimate business) to maximise its profits by using legal tax avoidance, it is after all, what businesses do, make moneyh. If they didnt make money they would close, and pay a lot loss tax as a result. I heard some Labour wonk Chukka Umoney on Radio4 this morning saying how unfair it was that Barclays managed to pay so little, he went quiet when he was reminded that the ability to write down losses over a number of years was something introduced under the last LABOUR government. Anyone would think they were last in power 10 years ago, not 10 months ago.

  9. Please don't steam up the outrage bus windows by pointing out all the tax reduction/offsetting mechanisms introduced by the greatest financial collossus of all time, Gordon Brown .

    Now, what about the £100 Billion Brown robbed out of private pensions over the last decade and effectively ruined the industry and retirement plans of millions?
  10. How does that compare with taxes paid by other companies? And remember, their employess all pay income and other taxes, so this is a gain to the inland revenue - and Barclays did not need public money.

  11. How much tax does Tony Blair pay in the UK?
  12. One name:Vodafone.
  13. A great BRITISH business which is a household name worldwide, created by the Racal Electronics Group in 1988, it has literally made billions for the UK economy, and is the largest telecommunications company in the world by revenues. It is a business, and legally looks to make the best possible profits by being tax efficient. They are not avoiding taxation, simply using legal methods to reduce them, as any sensible business should.
  14. Not wishing to piss in the petrol tank of the left's outrage eco-bus, but here are a few facts:-

    Barclays paid over £2 billion in tax last year.

    They didn't take a penny of public money during the bank bailouts.

    They could relocate their entire operation outside of the UK at any time and pay no UK tax at all.

    They are not required to pay tax on profits that are generated abroad. Current and previous government have been at liberty to change this policy at any time. They have not done this because they know exactly what the consequences will be.

    The Guardian paid no tax at all last time they made a profit - because they are ultimately owned by a form of shell company based in a Caribbean tax haven.

    A number of foreign owned IT companies have been permitted to work in the UK without paying any form of UK tax. No corporation tax, no national insurance and no income tax for their UK based employees. They are wiping out British IT companies.

    A number of foreign owned IT companies employed Labour MPs as highly paid directors or consultants while they were negotiating dispensations from UK tax law with the Inland Revenue.

    The argument of the left seems to be that "pro-Labour" corporations should not pay tax while those perceived as "anti-Labour" should be volunteering to pay extra tax that they don't have to. Time for lefties to wake up and smell the coffee. 'Cos working in Starbucks in Bangalore is what most of us will be doing if we follow their cunning plan for prosperity.