Just when I thought my opinion of that inane right-wing “journalist” Toby Young couldn’t sink any lower, he confounds me with possibly the most ridiculous “article” ever written in a UK Newspaper; ‘Why the Super-rich deserve their tax holiday’ which is garbage even in relation to the low standards of the Daily Mail. This really is nothing more than blatant propaganda for the bloated mega-rich. Dr Goebbels move over.
His main argument, that companies will move their operations elsewhere if they are charged high tax rates in the UK, is like a sieve with a large hole in the bottom. Vodafone is welcome to move its entire operation to Liechtenstein and dominate the mobile phone market there, but it would be the equivalent to dominating the mobile phone market of the small market town of East Dereham in Norfolk. I doubt they would make any profit at all, let alone the billions they make from mobile users in the UK, even if they did pay no tax.
The same is true of Arcadia, the compamy which owns Topshop and other fashion retail outlets. Philip Green is welcome to move every branch of Topshop, MIss Selfridge, Dotty Perks and Burton to Monaco where his company would pay no tax. But I doubt that he would make anything other than a bankruptcy-inducing loss.
Ditto Boots and many other companies.
The truth is that Vodafone, Topshop, Boots and others can only make their profits by trading in the UK, they are in every high street, they sell to the British people, that is how they make their money. To allow them to move their money to ‘offshore’ tax havens so that they avoid paying tax in the UK is simply allowing them to steal money owed to the British people in their tax. Toby Young cannot argue that, if tax rates are too high in the UK, they will go elsewhere. This will never happen. they can only make their money by trading in the UK.
For Toby Young to argue thay they “deserve” not to pay the same level of tax as the rest of us is stupid. These companies can only make money by trading the the UK market with its 60 million (and counting) consumers. They should be forced to pay tax here like everyone else.
If these companies paid their fair share of tax we wouldn’t need to cut
benefits for the sick and disabled,
the NHS, the police,
etc, etc, etc.
I suspect that this is why the Tory-led government is permitting them to avoid paying tax in the UK, because they want to cut these things anyway…