Corproration tax cuts have failed the UK
Hmm, how’s that then?
FTSE 100 companies paid tax equal to 23% of their profits last year, almost a quarter less than in 2010, according to figures from accountants UHY Hacker Young.
Leave aside the fact that not all FTSE100 companies are UK resident and so not all pay UK corporation tax. And also leave aside that some 70% of the revenues of the FTSE100 come from outside the UK meaning that the UK corporation tax rate is at best only a minor influence on their total tax bills.
And just consider this. The large company rate for corporation tax is 21% (or at least was in the year under discussion). And Ritchie is complaining that they only paid 23%?
That’s, err, one hell of a tax gap, isn’t it?