Wonder how long this comment will remain up there?
Not really, no:
“It takes some chutzpah to organise one’s affairs to pay zero tax”
“but banks can use historical losses limitlessly to offset against any profits”
They all lost billions and billion only a few years ago. Hell, Osborne even mentioned this in a budget speech, that the banks just wouldn’t be paying profit tax for years to come because of past losses.
And yes, a profits tax is and should be charged on cumulative profits, thus allowing for losses.
And isn’t this just disgusting?
“Share give-aways as individual bonuses can also be charged against tax”
The wages of the staff are counted as a cost of the business, thus taken off gross profit before arriving at net taxable profit. Who could be so nefarious as to devise such a system? Why, we’ll be letting them deduct the rent, the telephone bills, the computers, as a cost of doing business next!
And, of course, those stock awards get counted as income to the staff: meaning the gross tax bill, including NI, is some 55% or so. Rather more than the 20% profits tax, isn’t it?
And yes, almost all of them are on PAYE, no they don’t get to dodge those taxes.
Wouldn’t it just be fascinating if Willy Hutton, the great prognosticator on how the world should work, showed any evidence at all of his understanding of how the world does work?