Thursday, January 06, 2011

Britain: tax increases for ordinary people, tax cuts for big businesses

Britain's Private Eye magazine, as ever on the ball, is reporting that Treasury Minister David Gauke has pushed through measures that include, for the first time, a full exemption for the tax haven branches of British companies, and an 8 percent tax rate for profits diverted to tax havens through simple internal financing arrangements.

While ordinary British taxpayers have been left reeling by the impact of VAT increases that came into effect in early January, it'll be triples all round in the board rooms.

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