Taxodus : Aberdeen Asset Management Packs Bags
Aberdeen Asset Management manages £114 billion and is rumoured to be following Brit Insurance to Dublin. The Times adds Smith & Nephew as well as Cadbury heading for the tax exit doors. Will the last multi-national to leave switch off the light...
39 comments:
My only concern is that Brown will fund corporation tax cuts by borrowing or shoving up other taxes. Never occurs to him to cut spending.
What would Broon and his hapless chancellor do if the really big beasts by market capitalisation decided to uproot and go?
Does anyone know which firms contribute the most corporation tax?
If this exodus gathers pace where will these scunners get their pieces of silver from?
And where is Cameron?
genghiz the khan presupposes that Darling has got a free hand. Brown cannot let go. He is only happy ever talking economics..although he is now being proved to be a RUSTY iron chancellor now!
This Cadbury business: if it interferes with the supply of the crumbliest, flakiest chocolate there is going to be a BIG strop.
Gordon had better have a look at Marr's book and tag the pages about rationing. You can eat politicians if you have to; shame to waste them. Apparently they are a bit fatty but taste something like roast chicken. A quote Marr found: "Never had a bureaucracy so flaunted its total failure to comprehend the the spirit of the times, which was low and resentful..."
Never until now.
note the quote from the treasury official -they have effectively given up on the idea of competing with Ireland...
quote:
". . . but we can never compete with tax havens like Ireland."
truely, we are fucked...
Maybe they're leaving in anticipation of Scottish independence?
Wee Wendy has been looking a bit bendy on the subject...
brian cowen (new irish taoiseach) is going to be delighted with all these companies moving...
Who pays the most CT? The oil majors, BG, Centrica, the big banks, BT, Vodaphone and the pharmaceutical companies.
Brown's largesse to his client state is premised on the idea that high taxation does not reduce productivity or innovation, and that large corporate tax payers will always happily pay their "fair" share of taxes.
Most directors of multinationals must view Brown with great disdain, realising that in their organisations he would not have risen above a regional manager in personnel.
Ireland has been doing very well without trying too hard with their low-tax, free market economy. Now that times are a bit harder, it's dog eat dog and the Irish will work hard to cream off the most successful businesses from their nearest neighbour. Good luck to them. Let's see how long it takes for the British public to demand lower taxes and lower public spending from our leaders. Best get a move on though, or we might have to start this economy thingy from scratch.
This is why Brown & all the other unionists are bricking themselves at the thought of Scotland getting independence. Imagine Scotland being able to introduce Ireland type business tax rates!
Anonymous 6.06 said
And where is Cameron?
I concur. Where the Fuck is Cameron? Gordon is in deep financial shit because of his squandering of Margaret Thatcher's legacy and all Dave can do is to say FUCK ALL.
It is becoming ever more obvious that economics is Dave's weak point, not that it did his Idol Tony Blair any harm.
here's another one folks to add to the list - big pharma company AstraZeneca...
they've refused to rule out a move to Dublin.
read it here
And the Irish Development Agency has been sending letters to British firms...
read more here
Any bets on once the Irish Referendum on the Lisbon lie is over, the EU will move to standardize Company tax rates..
adam smith blog : why irish eyes are smiling
"After Alastair Darling's not-a-word-of-consultation attack on non-doms, many companies feel they just can't plan ahead under such a capricious regime. The Irish Development Agency has seized its chance and is actively courting UK decision-makers."
Blimey Guido, 8 posts in a day; you been trying some of that new ganja Gordon's been sniffy about?
Gary Elsby and the mess Labour have created in Stoke -
http://bp3.blogger.com/_P3tAP38GuxI/SCH7YbPTDJI/AAAAAAAAArw/rHqWo8znm3A/s1600-h/lordpatel
Radio 4 news this morning featured a report on the slowdown in the Irish economy, blaming the current international monetary situation. So I can imagine the new Taoiseach is rubbing his hands with glee at Gordon’s incompetence and failure to see the bigger picture. Doesn’t he understand that these wealth creators have gone for good?
john redwood writes about the taxodus
have read here
"hey are greatly helped by the Treasury’s decision to consult on the idea that multinationals in the UK should also pay tax on their overseas earnings! Boy are they celebrating in Dublin and Zurich – it’s their dream come true, the best knocking copy they have had on the UK for 30 years."
In the light of recent actions in Ireland, it would be tempting to make the threat to see how quickly the Broon Darling-glove puppet tax regime lasts.
I guess that appointing so many ministers who have had no experience outside the career path of school - university - research/PR - national politics has its obvious disadvantages. They pile on ill conceived tax legislation without fully understanding the consequences, one of which may be higher taxes for the rest of us after the big boys relocate to Ireland or some other low tax haven.
Irish Development Agency targets UK firms
quote:
Weeks later she was on a plane bound for Dublin and a two-day tour at the IDA's expense. She would be chauffeured, wined, dined, and dangled various incentives to redomicile the company across the Irish Sea.
"The IDA were deeply impressive," she says. "They put a lot of investment into the trip and they were really detailed - far better than any [regional development agency] I've ever seen in the UK."
It is the capriciousness that moves the companies, not the tax rate as such. Also true of my specialism, investment funds, the regime here is not bad, just nobody believes it will stay. The same is true of the non-doms, Snotty on his bended knee will not now entice them back.
And it is good if Cameron kept his mouth shut and let Broon sink below the surface . Don't give hostages to fortune.
I think the re-reclassification is a just a ploy to keep all the really strong stuff for the Labour Partry. Only way to keep them calm for the next few months.
Oh God Wendy Alexander is truly one grotesque female, a she devil caricature of wee Dougie Alexander. She (or should that be it) has obviously decided to hedge her bets regardless of NuLabour for when the Union tie with the UK finally snaps. As for low taxes in an independent Scotland I don’t believe that for a minute. The socialist Scots are more addicted to big Government tax and spend then Gordon Brown. It’ll be full steam ahead to red blooded socialism and economic nemeses. These are after all Browns true disciples albeit that they got hacked off with Scottish Labour corruption and chose the alternative socialist SNP.
Oh god, we are all fucked - couldn't the army please put Goron out of the country's misery?? Please!
ian e...military coup now. where is our pinochet?
Surely anyone with half a brain realises that - ultimately - corporations don't pay tax, individuals (the owners) do?
Given that FTSE companies are now global entities, often with overseas earnings that dwarf their UK profits, it is not surprising they object to the prospect of paying UK tax on overseas earnings, particularly since the regime changes every time Gordon is short of a few bob (ie almost all the time). They have a fiduciary duty to their owners to ensure that their tax payments are minimised.
>anonymous said ...
Ever heard of hyperbole?
I'm surprised, (am I really) that a libertarian like Guido hasn't attacked Boris for his transport alcohol ban.
http://www.independent.co.uk/news/uk/politics/boris-bans-alcohol-on-buses-822462.html
Given their role in mis-selling split capital investment trusts some might say good riddance to bad rubbish.
Given all the dross the Irish are letting into their financial sector I suspect a major scandal is inevitable before too long.
Ever heard of hyperbole?
Isn't that where the big American Football final is held?
"Imagine Scotland being able to introduce Ireland type business tax rates!"
well no I can't even imagine it nad it is typical of the crap spewed out by the Scottish independence lobby . I suppose next we are treated to that dodgy list of Scottish inventors.
One thing I can imagine though is England having Ireland/Russian level of taxes. We could aford it once we get rid of the Barnett shackles.
We could have competed with Ireland, quite easily, but unfortunately Brown pissed away billions and billions and billions on his public sector chums.
We are now up to our eyes in debt with a recession looming, allowing precious little opportunity to cut business taxes.
It is not just business taxes Gordo (ie we) will lose it is jobs, good lucrative jobs - hundreds of thousands of them.
It's frightening watching Broon, he can't seem to get anything right.
They can run but they can't hide. Eventually the real government the EU will 'harmonise' taxes at all levels across Europe.
This bloated socialist construct is a politicians wet dream, access to a constant stream of money and perks with absolutely no fucking accountability to the people at any level.
The short-fall in corporate tax revenue must surely mean more stealth taxation and the possibility of higher income tax ...
Expect this exodus to be matched by yet more skilled workers joining the queues to emigrate.
In fact, Aberdeen is only keeping its tax status 'under review' - as any sensible corporation would. It has no immediate plans to go anywhere. I think this story is a mite puffed up...
Britain is to be a region of the EU, we are being Gutted.
Where is our Gold Gordon our Fish, Our Industries, our Armed Services...get the picture.
Glaxo and BAT threatening to do the same - now that is serious.
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