Anorthernsoul 1221 Posted July 8, 2015 Share Posted July 8, 2015 (edited) I've had a look. I don't share your optimism on corporation tax. One for the law of unintended consequences? By cutting UK corporation tax to 18%, the chancellor might have encouraged another round of tax-inversion bids, where multi-national companies (in reality US corporations) attempt to take over UK registered businesses and relocate their head offices to gain the benefit of lower tax rates. Pfizer made one such attempt when it bid for AstraZeneca before being rebuffed. But Neil Shah at Edison Investment Research, said: The Chancellor has raised the for sale sign over UK plc by reducing UK corporation tax to 18%, a full 2% below even the lowest of any advanced economy and crucially the lowest rate in Europe. Expect tax inversion-style led approaches for UK listed multinationals to come once again from the US with the dollar strengthening both against a troubled euro and boosted by the possibility of US interest rate hikes. The living wage will not rise in line of the cuts on tax credits so families will be worse off surely? Also the rise in the living wage will mean interest rates will be raised by the Bank Of England I'm sure. Edited July 8, 2015 by Anorthernsoul Link to comment Share on other sites More sharing options...
ChezGiven 0 Posted July 8, 2015 Share Posted July 8, 2015 Lowering corporatation tax is good? Read this http://www.theguardian.com/politics/2015/jul/07/corporate-welfare-a-93bn-handshake Link to comment Share on other sites More sharing options...
ewerk 30611 Posted July 8, 2015 Share Posted July 8, 2015 So what would you list as the elements that 'is bad'? Link to comment Share on other sites More sharing options...
Anorthernsoul 1221 Posted July 8, 2015 Share Posted July 8, 2015 So what would you list as the elements that 'is bad'? "The Living Wage" is bullshit spin. http://www.independent.co.uk/news/business/news/budget-2015-live-the-one-chart-that-shows-that-osbornes-living-wage-is-a-political-spin-10375281.html Link to comment Share on other sites More sharing options...
Gemmill 44882 Posted July 8, 2015 Share Posted July 8, 2015 He won't read any of this stuff, and if he does he won't understand it. Totally incapable of critical thought or looking beyond the fact that Osborne has told him that things are gonna be great so that must be what will happen. Link to comment Share on other sites More sharing options...
Gemmill 44882 Posted July 8, 2015 Share Posted July 8, 2015 "The Living Wage" is bullshit spin. http://www.independent.co.uk/news/business/news/budget-2015-live-the-one-chart-that-shows-that-osbornes-living-wage-is-a-political-spin-10375281.html Aye I thought as soon as I saw the 7.20 that that is already below the current living wage. Link to comment Share on other sites More sharing options...
Alex 35083 Posted July 8, 2015 Share Posted July 8, 2015 Hardworking families, etc. Link to comment Share on other sites More sharing options...
ewerk 30611 Posted July 8, 2015 Share Posted July 8, 2015 "The Living Wage" is bullshit spin. http://www.independent.co.uk/news/business/news/budget-2015-live-the-one-chart-that-shows-that-osbornes-living-wage-is-a-political-spin-10375281.html Of course there's a bit of spin but taking the minimum wage from £6.50 to £9 in less than five years is quite a hike. Link to comment Share on other sites More sharing options...
Holden McGroin 6587 Posted July 8, 2015 Share Posted July 8, 2015 (edited) One of the lads at my work is coming to the end of his apprentice and is nearly in tears at the moment. If a household earns more then £30,000 (his mum is on £13k per year) then they'll have to pay market rent - which will be ludicrous in Brighton. He is estimating his rent going from £400 to £700 so he is going to ask the boss to make sure he is on less than £16k when his apprentice runs out. In fact, he might have to ask for sub £15k as he'd have to pay student loan back. Edited July 8, 2015 by Holden McGroin Link to comment Share on other sites More sharing options...
Christmas Tree 4725 Posted July 8, 2015 Author Share Posted July 8, 2015 I've had a look. I don't share your optimism on corporation tax. One for the law of unintended consequences? By cutting UK corporation tax to 18%, the chancellor might have encouraged another round of tax-inversion bids, where multi-national companies (in reality US corporations) attempt to take over UK registered businesses and relocate their head offices to gain the benefit of lower tax rates. Pfizer made one such attempt when it bid for AstraZeneca before being rebuffed. But Neil Shah at Edison Investment Research, said: The Chancellor has raised the for sale sign over UK plc by reducing UK corporation tax to 18%, a full 2% below even the lowest of any advanced economy and crucially the lowest rate in Europe. Expect tax inversion-style led approaches for UK listed multinationals to come once again from the US with the dollar strengthening both against a troubled euro and boosted by the possibility of US interest rate hikes. The living wage will not rise in line of the cuts on tax credits so families will be worse off surely? Also the rise in the living wage will mean interest rates will be raised by the Bank Of England I'm sure. I'll not get into the U.S. Thing because as you know there are millions of UK based companies this will help and it will attract more inward investment like the Nissans of this world. Tax credits were designed to assist very low income families. Currently 9/10 families with kids get it. It's right that wages should increase and tax credits should decrease. A lot of the savings on tax credits are based on future claimants not current claimants. We'll have to wait and see what the real terms difference is but the principal of stopping people on good wages getting it is fair. With regard to interest rates we already know that they will start to go up soon. Surely a good economy needs a decent interest rate level, particularly with regard to encouraging savings and better pensions. Link to comment Share on other sites More sharing options...
Howmanheyman 33223 Posted July 8, 2015 Share Posted July 8, 2015 Tax credits goes down the more you earn up to their limit. Anyone within the tax credits catchment pays differing amounts accordingly. Looking forward to having less money. It's only fair after all. Link to comment Share on other sites More sharing options...
Christmas Tree 4725 Posted July 8, 2015 Author Share Posted July 8, 2015 "The Living Wage" is bullshit spin. http://www.independent.co.uk/news/business/news/budget-2015-live-the-one-chart-that-shows-that-osbornes-living-wage-is-a-political-spin-10375281.html Tell that to the people who get a 10% wage from it next year. Link to comment Share on other sites More sharing options...
Christmas Tree 4725 Posted July 8, 2015 Author Share Posted July 8, 2015 Of course there's a bit of spin but taking the minimum wage from £6.50 to £9 in less than five years is quite a hike. Of course it is. Link to comment Share on other sites More sharing options...
Alex 35083 Posted July 8, 2015 Share Posted July 8, 2015 Thanks to the Lib Dems Link to comment Share on other sites More sharing options...
Howmanheyman 33223 Posted July 8, 2015 Share Posted July 8, 2015 Can George or CT nip into my work and tell them to make up the tax credit loss in 2017? Cheers. Link to comment Share on other sites More sharing options...
Howmanheyman 33223 Posted July 8, 2015 Share Posted July 8, 2015 It's only fair. Link to comment Share on other sites More sharing options...
PaddockLad 17266 Posted July 8, 2015 Share Posted July 8, 2015 Of course your getting a payrise to cover losing your tax credits Davey, George said he was going to encourage your employer to take up the slack and CT thinks all this is "good". What more proof do you need that this is all going to be fine and theres nothing to worry about for goodness sakes? Link to comment Share on other sites More sharing options...
Howmanheyman 33223 Posted July 8, 2015 Share Posted July 8, 2015 I could always do a bit of blob to make it up but that would depend on it being available, would mean me sacrificing time with friends and family, would mean more tax credits being taken from us the following year for earning more than my standard wage, which would have me needing to work even more blob to cover the loss of tax credits which might not be available which would mean sacrificing time......etc......and on and on and on. Ariston. Link to comment Share on other sites More sharing options...
Christmas Tree 4725 Posted July 8, 2015 Author Share Posted July 8, 2015 I could always do a bit of blob to make it up but that would depend on it being available, would mean me sacrificing time with friends and family, would mean more tax credits being taken from us the following year for earning more than my standard wage, which would have me needing to work even more blob to cover the loss of tax credits which might not be available which would mean sacrificing time......etc......and on and on and on. Ariston. Have you actually seen the details yet and the thresholds for salary etc? Link to comment Share on other sites More sharing options...
Howmanheyman 33223 Posted July 8, 2015 Share Posted July 8, 2015 Have you actually seen the details yet and the thresholds for salary etc?Have you? Link to comment Share on other sites More sharing options...
Christmas Tree 4725 Posted July 8, 2015 Author Share Posted July 8, 2015 Have you? I asked you first Link to comment Share on other sites More sharing options...
Howmanheyman 33223 Posted July 8, 2015 Share Posted July 8, 2015 Just heard a bit on radio 4 on the way home. Seems like 2017 will be the time he's going to really start hitting the tax credits from the bits I heard. Will be happy if I got the wrong end of the stick. Link to comment Share on other sites More sharing options...
Christmas Tree 4725 Posted July 8, 2015 Author Share Posted July 8, 2015 Just heard a bit on radio 4 on the way home. Seems like 2017 will be the time he's going to really start hitting the tax credits from the bits I heard. Will be happy if I got the wrong end of the stick. The changes in 2017 apply to new claimants. Link to comment Share on other sites More sharing options...
Christmas Tree 4725 Posted July 8, 2015 Author Share Posted July 8, 2015 Link to comment Share on other sites More sharing options...
Christmas Tree 4725 Posted July 8, 2015 Author Share Posted July 8, 2015 @@Howmanheyman Here you go http://www.bbc.co.uk/news/business-17442946 Link to comment Share on other sites More sharing options...
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