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Why Labour's high tax plan is stupidity

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    Why Labour's high tax plan is stupidity

    http://www.ft.com/cms/s/0/e06634a4-2...44feabdc0.html

    Ineos, the UK’s biggest private company by sales, is preparing to move its headquarters to Switzerland in an attempt to save on tax bills.

    It is the latest, and one of the biggest, of a string of UK companies that are moving abroad because of rising corporate and personal tax bills at home for some enterprises.

    The chemicals group asked lenders on Wednesday for permission to move its headquarters and tax residence to Switzerland to save up to €450m ($680m) in the next four years, money that would have otherwise been paid in tax to the UK.

    “Over the past year we’ve been leaving no stone unturned to improve cash generation and get through the recession. Tax is a big cost for us, and as our business recovers and we become more successful it will become a very big number,” said Tom Crotty, chief executive.

    “Many leading chemical companies have European or global operations resident in Switzerland, and we need to compete effectively with them.”



    Gordon, you are always banging on about the benefits of globalisation and how getting cheap labour into the UK is good, well I've got news for you mate. Globalisation also means that wealthy companies and individuals can base themselves somewhere that doesn't have 50% income tax rates and windfall taxes, etc.

    #2
    Originally posted by DimPrawn View Post
    http://www.ft.com/cms/s/0/e06634a4-2...44feabdc0.html

    Ineos, the UK’s biggest private company by sales, is preparing to move its headquarters to Switzerland in an attempt to save on tax bills.

    It is the latest, and one of the biggest, of a string of UK companies that are moving abroad because of rising corporate and personal tax bills at home for some enterprises.

    The chemicals group asked lenders on Wednesday for permission to move its headquarters and tax residence to Switzerland to save up to €450m ($680m) in the next four years, money that would have otherwise been paid in tax to the UK.
    Our family business is a chemicals trading company and brokerage, but not so huge as ineos. Not entirely coincidentally we shall shortly be holding an extraordinary general meeting to discuss a similar move. Some customers and suppliers have already gone.
    And what exactly is wrong with an "ad hominem" argument? Dodgy Agent, 16-5-2014

    Comment


      #3
      Last one to leave, please switch off the lights
      'Orwell's 1984 was supposed to be a warning, not an instruction manual'. -
      Nick Pickles, director of Big Brother Watch.

      Comment


        #4
        And yesterday everyone seemed so cheerful too.

        Comment


          #5
          Why Switzerland? I thought this exodus was supposed to be a fallacy.

          http://www.bloomberg.com/apps/news?p...d=awNIE35abSFY

          Comment


            #6
            Maybe Asia.

            Obviously the general public will cheer at this story, but it's extremely bad news for the UK:

            Warning of a ‘mass exodus’ as top bankers quit London
            http://www.thisislondon.co.uk/standa...quit-london.do
            'Orwell's 1984 was supposed to be a warning, not an instruction manual'. -
            Nick Pickles, director of Big Brother Watch.

            Comment


              #7
              You see the trouble for a medium sized (10 employees) family business is that if you want to do business with the big guys, you need to be close by; even if you can effectively do everything by phone and internet, meeting customers, going to trade fairs and congresses and so on is essential for generating business and maintaining good relations with customers, suppliers and trade associations. So when the big guys start moving to Switzerland, the SMEs go too; even if the tax benefits are much less for the SMEs than for a huge group like Ineos, essentially a whole sector packs the suitcases and moves.

              Little article about Zurich property prices booming due to demand from chemicals traders.
              And what exactly is wrong with an "ad hominem" argument? Dodgy Agent, 16-5-2014

              Comment


                #8
                Originally posted by Scary View Post
                Why Switzerland? I thought this exodus was supposed to be a fallacy.

                http://www.bloomberg.com/apps/news?p...d=awNIE35abSFY
                It’s not so much bankers as chemicals and commodities traders who are leaving.
                And what exactly is wrong with an "ad hominem" argument? Dodgy Agent, 16-5-2014

                Comment


                  #9
                  Originally posted by SantaClaus View Post
                  Maybe Asia.

                  Obviously the general public will cheer at this story, but it's extremely bad news for the UK:

                  Warning of a ‘mass exodus’ as top bankers quit London
                  http://www.thisislondon.co.uk/standa...quit-london.do
                  How is getting rid of a bunch of selfish overpaid w**kers who don't like paying their fair share of tax a bad thing?

                  I mean apart from there being less work for strippers?
                  While you're waiting, read the free novel we sent you. It's a Spanish story about a guy named 'Manual.'

                  Comment


                    #10
                    Originally posted by doodab View Post
                    How is getting rid of a bunch of selfish overpaid w**kers who don't like paying their fair share of tax a bad thing?

                    I mean apart from there being less work for strippers?
                    Because they leech worldwide but spend wherever they're based.

                    Comment

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