Scrap Corporation Tax, its a tax on small business, not large corporations

Corporation Tax may have been fit for purpose when it was introduced in 1965 but the world has changed since then. Large businesses are online, off shore and global and Corporation Tax hasn't evolved fast enough to keep up with this change. So large business don't pay the tax but UK based SME's still get caught by it, so not only does it fail to generate revenue from large corporations for the Government but also gives them an unfair advantage against their smaller competition. This tax is also bad for UK Plc as it drives companies off shore, taking tax and employee consumption revenue with them and of course drives good brains from our shore in the process.
There is a tax already in place which would remove this advantage for large businesses and that's VAT, which captures all transactions in the UK. So instead of rebating VAT, an equivalent amount could be retained by the Government. This system would encourage companies to come back on shore as the benefits would be removed and will also allow SME's the same even hand as large companies, which is the surely a more democratic approach for any taxation system.
Dominic List, Gandys | Tue 17th Dec 2013 at 17:58

1 comment:

Alternatively tighten and apply tax law fairly with punishment including use of custodial sentences for CEO of tax avoiding companies- this is social unacceptable behaviour for those on benefits- and should be so for the wealthy- there again I forgot- in whose interests do the wealthy govern?
Phil Tucker, Local authority | Mon 23rd Dec 2013 at 09:35

Please log in to add your own comment to this idea