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02 May 09

FT.com / Companies / Insurance - Beazley becomes latest company to relocate to Dublin

  • Beazley, the Lloyd’s insurer, has become the latest in a slew of British companies to leave the UK and establish its tax domicile in Dublin, as the underwriter announces a £150m rights issue and the acquisition of a US insurer

FT.com / Companies / Insurance - Brit Insurance to move HQ to the Netherlands

  • Brit Insurance, the Lloyd’s of London insurer, has become the latest in a number of British companies to leave the UK and establish its tax domicile overseas.

FT.com / Companies / Media - Weighing up benefits of domicile change

  • Support for the idea that more companies will make a move came from a survey published in January by KPMG, the accountancy group.

    This found that the percentage considering moving their tax residence had more than doubled since 2007 to 14 per cent.

22 Mar 09

FT.com / Reports - Politics: Mixed reaction to SNP’s first year at helm

But the SNP government faces more scepticism over its plans to replace council tax with a local income tax of 3p in the pound. CBI Scotland, the business lobby, says local income tax will make it more difficult to recruit skilled staff, and therefore damage the Scottish economy.

Labour has attacked the local income tax plan, which currently lacks sufficient parliamentary support to become law, claiming it faces “near universal” opposition.

But the SNP has calculated there is political mileage in trying to scrap the council tax, even if the scheme is defeated. It claims 80 per cent of households will be better or no worse off under its proposals – figures that are vehemently disputed by the opposition parties.

www.ft.com/...56-11dd-b4f5-000077b07658.html - Preview

iref

FT.com / UK - More big companies consider UK tax exodus

In November, the Treasury announced a planned shift towards a “territorial” system of taxation, which does not seek to tax profits earned overseas. But although the planned tax exemption for foreign-earned dividends was warmly welcomed by business, they were worried about new restrictions on deductions for interest costs and the prospect of a further tightening of anti-avoidance rules.

www.ft.com/...2f-11dd-bb6e-0000779fd2ac.html - Preview

iref

  • n November, the Treasury announced a planned shift towards a “territorial” system of taxation, which does not seek to tax profits earned overseas. But although the planned tax exemption for foreign-earned dividends was warmly welcomed by business, they were worried about new restrictions on deductions for interest costs and the prospect of a further tightening of anti-avoidance rules.
09 Jun 08

FT.com / World - UK companies pay more tax than Europeans

  • UK companies pay more tax than Europeans

    By John Willman in London

    Published: June 8 2008 23:34 | Last updated: June 8 2008 23:34

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    Large British companies pay more in corporate taxes on the wealth they create than their competitors in Germany, France and Switzerland, a UK government study has found.

    The annual value-added scoreboard, published Monday, shows the 185 top wealth-creating companies in the UK handed over 12 per cent of the added value they created in taxation last year.

06 Jun 08

FinancialAdvice.co.uk - UK economy News - OECD Slash Forecasts For UK Economy

  • The renowned Organisation for Economic Co-operation and Development (OECD) has attacked the UK government for an ‘excessively loose’ fiscal policy over the last 10 years and slashed forecast for the UK economy.

Don't be yellow, Gordon. Be green - UK Politics, UK - The Independent

  • Environmentalists urge the Prime Minister to stand firm on fuel taxes despite protests of lorry drivers
30 Apr 08

FT.com , Editorial comment - Taxation and the fiscally footloose

  • When public finances are under pressure, increasing business taxes can seem like costless revenue-raising. After all, companies cannot vote. But now some British groups are voting with their feet, deciding to relocate headquarters to lower-tax regimes. The Treasury’s review of corporate tax is therefore a welcome move.
06 Apr 08

BBC NEWS | Business | New tax changes explained

The new tax year, which starts on 6 April, brings in an unusually large number of changes to both personal and business taxes.

Many of the changes were first announced in 2007, in either that year's budget or in the later pre-budget report.

news.bbc.co.uk/...7329006.stm - Preview

iref

BBC NEWS | Politics | 'No rethink' on tax rate - Hutton

UK Tax - scrapping of lowest rate makes it less progressive. Have the worst-off benefited under labour?

news.bbc.co.uk/...7332917.stm - Preview

iref

  • Business Secretary John Hutton has ruled out a rethink on the decision to scrap the lowest tax band, amid claims Labour has abandoned low-paid workers.


    He said he did not think it possible to go back on a decision to scrap the 10p rate, despite Labour MPs' unhappiness.

25 Mar 08

Why Business Opposes Local Taxation (from The Herald )

Bad arguments against fiscal devolution ...

www.theherald.co.uk/...ess_opposes_local_taxation.php - Preview

iref

  • "The Federation believes that the introduction of any kind of service tax or local income tax in Scotland would be problem-atic and result in additional costs for employers who would be expected to provide local authorities with information on staff salaries."


    That argument still applies, said a spokesman, who pointed out the particular concern businesses had where employees could travel in to work from difference council areas all levying different LIT rates. "That bureaucracy would be time consuming and costly, so our members would prefer a flat rate across Scotland," he said.


    Iain McMillan of CBI Scotland said they had several concerns, including the whole perception of Scotland as a place with higher income tax, the fact that the 3p would apply not just to the basic rate but up through the bands, and the impact on organisations whose payrolls were on both sides of the border.

22 Mar 08

Private Equity Boss Fires Tax Salvo Across UK Government's Bows

  • in a report published by the UK's Times newspaper, a Terra Firma spokesman
    was quoted as stating that "there is absolutely no plan to move our main operations".


    “This is about reviewing the expansion of our overseas operations in
    response to the tax changes," the spokesman told the Times.


    Since 1994, Terra Firma has invested approximately EUR11bn, mainly in
    Europe. The company has offices in London, Frankfurt and Guernsey, owns eight
    companies and claims to have paid GBP15.2mn in corporation tax last year.



19 Mar 08

No gold star for Chancellor’s first Budget

The Chancellor took the opportunity to spend a great deal of time talking about the UK’s tax competitiveness but unfortunately, he failed to follow this up with any real action. Despite his comment that the UK has ‘the most competitive corporation tax regime in the G7’ and ‘a stable tax regime’, the fact is that since 2000, the UK’s corporate tax rate has fallen from the fourth most competitive in 2000 to around 20th in the enlarged EU - and has dropped from the eighth most competitive to 20th among OECD countries.

www.businessweekly.co.uk/...or%E2%80%99s-first-budget.html - Preview

iref tax-competition

  • The Chancellor took the opportunity to spend a great deal of time talking about the UK’s tax competitiveness but unfortunately, he failed to follow this up with any real action. Despite his comment that the UK has ‘the most competitive corporation tax regime in the G7’ and ‘a stable tax regime’, the fact is that since 2000, the UK’s corporate tax rate has fallen from the fourth most competitive in 2000 to around 20th in the enlarged EU - and has dropped from the eighth most competitive to 20th among OECD countries.
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