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Tuesday, 5 April 2011

Liebrary: With proper bank regulation and some banking leaving the UK, the impact on taxes would be less than 1%

Reality: Barclays admitted that of the £2billion taxes they took credit for, only £113m was corporation tax. The rest was taxes paid by their staff - the vast majority of whom would remain in the UK even if Barclays shifted its HQ overseas. 

The Independent Banking Commission's interim report, in April 2011, stated that only £3billion of financial services tax contribution can easily be moved out of the UK.  That is less than 1% of UK tax takings.

1 comment:

  1. January 2012, AON (big US insurer) relocates to London.

    "At the same time, Aon will change its legal jurisdiction of incorporation from Delaware - a state in the US where many companies are based for disclosure purposes - to England."