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yeah my bad 11.6bn were 2010 profits
so assuming uk corporation tax of 28% they made 400m in the uk
yet according to this...
In the UK, retail banking profits were up 39% to £989m.
[url= http://www.guardian.co.uk/business/2011/feb/15/barclays-profits-looking-behind-the-numbers ]http://www.guardian.co.uk/business/2011/feb/15/barclays-profits-looking-behind-the-numbers[/url]
now im sure that they are legitimately finding a legal way to dodge that
but going back to the OP why is the government reducing their tax take from banks when money is so tight
stu n's explanation doesnt in any way justify reducing taxes just explaining (as far as i can tell) how companies reduce their risks, presumably to the detrement to investors/economies/customers elsewhere though?
Any link between Barclays Group profits and the amount of tax paid to the UK government is inappropriate - there is no direct correlation between the two."
said the person who designed the group so that they could say this.
The MP interviewed said much of this trading happens in the UK but uses "companies" based elsewhere to minimise tax
Obvioulsy this is not illegal but it is not hard to see why people paying for the banks will be annoyed to see them not paying thier share whilst taking big bonuses to.
Dave reducing the tax burden - currently they pay the differenc between rates here is hardly likely to help this situation. It does seem like bad old tory politics of looking after the rich rather than the majority of the citizens
infact
Barclays Bank has been forced to admit it paid just £113m in UK corporation tax in 2009 – a year when it rang up a record £11.6bn of profits.
[url= http://www.guardian.co.uk/business/2011/feb/18/barclays-bank-113m-corporation-tax ]obviously made up leftie bank bashing[/url]
i await your apology don simon? 😮
[url= http://www.guardian.co.uk/media/2011/feb/18/guardian-barclays-tax-secrets ]and some more[/url]
i await your apology don simon?
What for? The comment I made towards druidh is still appropriate.
Would be more interested in what Barclays paid in 2010.
2008 was a torrid year for banks, any tax losses they have from 2008 (which ought to be pretty huge) can be carried forward and offset against future profits. If they used a heap of 2008 losses in 2009 then that would explain the apparently low rate of cash tax; if they have the same thing in 2010 that is probably more interesting.
Reports are of an effective tax rate of 23-25% - I'm too tired and too pissed to explain deferred tax, but Google it and that might explain why cash tax out the door is so low in 2009, but overall tax rate isn't that far off the 28% headline rate.
Oh, and think about why your own tax rate is less than 22% of income if you're a basic rate payer, or 40% if you're a top rate taxpayer. For individuals there are perfectly legitimate reliefs like personal allowance and tax relief for pension contributions.
Companies are in the same boat, with near-automatic reliefs that are open to them without any planning/ avoidance, so almost always have an effective rate less than the headline rate.
The way I see it the previous govt has inflicted the masses with such an addiction to "good" living that most simply find it difficult to stand on their feet again. A bit like the process of painful detox.
newsnight looking at this legislation at the mo
newsnight looking at this legislation at the mo
Just watching it on iplayer.
Interesting to note that this policy [b]was drawn up by Labour[/b] prior to the condems coming to power (around the 30-32 minute mark if you're interested).
It also appears to be all crap. It's just bringing us into line with europe and you can get the same tax benefit using different accounting measures. It's largely just a simplification exercise.
So, the upshot of all this is that, er, no - the "Tories" actually aren't trying to shaft us a little bit more, at all?
So, the upshot of all this is that, er, no - the "Tories" actually aren't trying to shaft us a little bit more, at all?
Pretty much. That's not to say we won't get shafted but it was all a Labour idea.
i liked the point where the american woman said basically the international corporations hold all governments to ransom over this so we have no choice
ie its the corporations shafting us