Thursday, 15 November, 2018

United Kingdom announces digital services tax on tech giants

A new circulation 50p coin design from the Royal Mint highlighting a century since the passing of the Representation of the People Act when women over 30 were first given the right to vote along with servicemen over 19 and men over 21 Image A 50p coin marking a century since women were given the right to vote was launched in January
Johnnie Parks | 01 November, 2018, 19:31

The abolition of stamp duty for first time buyers purchasing homes worth up to £300,000 was one of the highlights of last year's autumn budget.

The tax follows increasing pressure from both the public and politicians to take action against multi-billion dollar firms paying low rates of tax in the UK.

Asked at a press conference in Oslo whether she was planning to ask voters to go back to the polls, Mrs May responded emphatically: "No". We are not preparing for another general election. That would not be in the national interest'.

He told ITV's Good Morning Britain: "The Tories usually do this".

"The government will abolish the use of PFI and PF2 for future projects putting another legacy of labour behind us".

But given the dominance of USA tech giants, President Donald Trump's administration may not appreciate the proposal at a time when Britain is trying to agree new trade deals.

Mr Mackay said: "With the UK Government's preferred approach to Brexit set to hit people's incomes in Scotland by £1,600 a head, the changes in this year's Budget do nothing to alleviate the impact Brexit will have".

Suppose the public finance forecasts deteriorate significantly next year?

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"The Budget spends the fiscal windfall rather than saving it", the OBR said.

"But we put forward in the general election a fairer taxation system so that does mean that we will be asking the top 5% to pay a bit more in income tax and we will be rolling back numerous corporation tax cuts that have taken place, and we will be cracking down on tax evasion and tax avoidance".

And Tottenham MP and former culture minister David Lammy said: "We should not be supporting tax cuts that disproportionately help the wealthy".

'If I were a prison governor, a local authority chief executive or a headteacher I would struggle to find much to celebrate. "I would be preparing for more hard years ahead".

This will reportedly increase the number of taxpayers taken out of income tax since 2015-16 to 1.74 million, and will result in there being almost one million fewer higher rate taxpayers than there were in 2015-16.

Hammond suggested the tax will begin in April 2020, pending consultation.

The Chancellor's move to reverse previous cuts to UC was "a small increase in generosity compared to the cuts to working age benefits introduced since 2015 and small relative to cuts still to come", said Mr Johnson.

Britain had been leading attempts to reform worldwide corporate tax systems, Hammond said, but progress had been painfully slow and governments could not simply talk forever. The announcement reveals a pledge by the government to meet its manifesto commitment one year earlier than originally planned.

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