Monday, 31 October 2011
We are NOT all in it together
"We are all in it together" is the most cynical sick joke of this decade. A report in the Scotsman says: The effective tax rate paid by Britain's biggest companies has dropped by almost a third over the last two years, but many are still considering moving their headquarters abroad. In 2009, FTSE 100 companies on average paid tax equivalent to 35.8% of their annual profits. But new research by UHY Hacker Young, a national group of accounting firms, shows that figure has fallen to just 26% in 2011, even though profits are higher. For Aileen Scott, tax partner at Campbell Dallas, the only Scottish member of the UHY Hacker Young group, "While the government has made efforts to make the UK tax regime more attractive, will it be enough to stymie the tide of British companies still thinking about the exit?". On top of some of the FTSE top executives giving themselves up to 50% pay rises this really stinks. Still as long as we pull out of the EU and relentlessly hunt down benefit cheats it will all come right. Like hell it will.