Yes! It\’s Ritchie!

He\’s laid out his proposals for how to tax everyone.

Just a few comments.

Change the legislative basis for interpreting UK tax law so any action contrary to the spirit rather than the letter of tax legislation can be challenged in court Included in above estimate AABA Code of Conduct on Taxation

Amusing really. Because when the courts get to it what will they do? Look at what the law says, as lawyers and judges tend to do.

Introduce a ‘Robin Hood Tax’ on all foreign exchange dealing in sterling £3.2 billion in the UK Robin Hood tax campaign Budget Submission 2010

Illegal. Even the EU\’s own report into the Robin Hood Tax pointed out that such a tax on FX within the EU would breach the Single Market rules.

Reform rules on company residence so that companies cannot claim they’ve left the UK simply by holding their board meetings in another country £1 billion at present, maybe more[ix] TUC Pre-Budget report submission

Ditto, illegal. Freedom of establishment and the ability to change place of establishment is built into EU law under those Single Market rules again. This is not something the UK government has power over.

Restrict the tax relief available to those borrowing to finance buy to let properties to create a level playing field between new owner occupiers and new landlords £2 billion, cautious estimate Tax Research LLP[x]

Ludicrous. Simply stick the flat into an LLP or Ltd to get around that restriction. And we\’re simply not going to insist that corporations cannot claim back interest on the purchase of residential properties.

Reform the basis of tax residence in the UK so that a person with a UK passport is liable for tax on their world wide income unless they live in a state with a tax system broadly equivalent to the UK’s. Not yet clear, but maybe several billion a year

Illegal under EU rules. Single Market again, free movement of people and non-discrimination on the basis of nationality or place of birth within the EU. This applies to the EEA by the way, so Switzerland, Lichtenstein etc included. Or Belgium, with its absence of a capital gains tax….

Introduce a ‘Robin Hood Tax’ on all derivate, swap, bond and over the counter trading in the UK £5bn, maybe much more Robin Hood tax campaign, Budget Submission 2010

Thereby killing The City. Which currently contributes a lot more than £5 billion a year to public coffers…..

A ‘bank debit tax’ charging all payments from a UK bank account to tax at a tiny rate, and in the process replacing VAT, at last in part, with a more progressive tax based on a broader and therefore more progressive tax base £4.2 billion Compass, In place of Cuts

\”Broadening\” the base does not make a tax more progressive. It makes it more regressive. More people pay it, you see, meaning that more poor people get caught in the net?

The rest of it is just tax people lots more. Not quite what we need when people are calling for more fiscal stimulus, is it?

7 thoughts on “Yes! It\’s Ritchie!”

  1. That last one – bank debit tax: just watch everyone start paying in cash instead.

    Has Ritchie actually suggested leaving the EU yet? It’s implied in almost everything he’s proposing.

  2. Reform the basis of tax residence in the UK so that a person with a UK passport is liable for tax on their world wide income unless they live in a state with a tax system broadly equivalent to the UK’s.

    Unworkable, despite what the US does. If Britain starts taxing its citizens abroad, everyone else will start taxing their citizens in Britain. This would more effective in eliminating immigration than anything the BNP could dream up. Plus our Dickie would be facing a hefty Irish tax bill.

  3. Pingback: FCAblog » Ritchie’s manifesto to destroy Britain

  4. Has Ritchie actually suggested leaving the EU yet? It’s implied in almost everything he’s proposing.

    He can’t. There was a time when the left was anti EU for these very reasons, but then the hated Maggie started bashing the EU so Labour and the TUC became pro EU.

  5. Tim, following on from SimonF’s comment, do you not find it ironic, that that very institution you rail against and often pose the question “can we leave yet” is also the very institution which prevents lunatics like Ritchie imposing his lunatic taxation policy?

    Perhaps its not all bad after all eh? ….. no your right it is barking.

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