Priorities

[sir.prize]

Trust George Osborne to get his Budget priorities right.

''The Chancellor is expected to announce a consultation on extending to cinematic-style TV production the existing tax relief worth £100m a year to the UK film industry. TV firms could see their corporation tax burden reduced by around 20%-25% as a result of the changes being considered.''

No urgency about fuel charges then.

[chaptazbru]

Typical !

[Zeuhl]

The Media industries are major earners for this country, a big part of our GDP, major employers (more so than farming and heavy engineering for example) and one of the few sectors we have a strong claim to world supremacy

The Chancellor is just recognising that importance to the economy

[jno]

the TV/film business brings money into the country, fuel just burns money up.

Everyone should make movies, but from home.

[Gromit]

He is also going to annouce a tax cut for the very rich. The 50p rate is coming down to 40p.

After three, 1, 2, 3... "We are all in this together"

[DTCwordfan]

the tax take will go up with dropping the rate, Gromit, a misunderstood fact that Labour Chancellors do not seem to understand.

He hasn't said anything about fuel taxes - the best thing they could do is freeze the Excise duty and VAT - and if they could take 3p off that would help - he does have some £10 bln to play with - potentially. Cameron implied something on fuel by his comments on UK prices in NY.

[Gromit]

DTCrosswordfan

That is a myth.

http://rricketts.ba.t...%20and%20Revenues.htm

[DTCwordfan]

One problem, that is US tax where the system is totally different. Sorry, Gromit, lived there, done that, owed that and paid it.

[MASS1961]

DTCrosswordfan

I'm not arguing but if he took 3p off, that would just take the price down to what it was a week last Tuesday!! It seems to be going up daily at the moment. 33p more like and then some!! Bring us a little closer to the rest of the worlds fuel prices.

[DTCwordfan]

I agree but that isn't going to happen.

Yes the US is a lot cheaper - is it some $3-60 a US gallon, State dependent.

But let's be clear, what the Taxman gives with the left, he/she takes with the right. Example, House over here, 5 bedrooms decent house £1600 rates may be +/- 20%. In Texas (not the most expensive) £7000 out of a major city, £9000 in the City - and reflected through the various bands.....

[Gromit]

DTCrosswordfan,

Gosh, I was unaware that mathematics worked differently in each country of the world. Trust us to get the bad sort.

[DTCwordfan]

or rather the good sort......read above, and then in this example, you are not looking at marginal high income tax. Please you are not "Postman Pat", Gromit, one Alan Johnson, ex Shadow Chancelloe. Surely not.........

[Gromit]

The argument that the high rate will generate less tax is based on the notion that high earners will leave the country. I reality they do not.

http://www.guardian.c...ty-check-50p-tax-rate

[DTCwordfan]

Not necessarily Gromit, they "park it" outside the UK - there's something that folk seem find hard to grasp in terms of salaries, bonuses, commodity prices etc etc is that we live in an increasingly international market and the money gravitates to the sinks offering the highest return - and that this is really hard to legislate against tax-wise.

Is it ethical, perhaps no, but then it isn't legal until proven. This is not just at the income tax level....let me give you one example - I had one major UK Conservative minister doing his nut (and ambassador) when asked where we (Intl Co) where placing our investments out of - Answer then the Netherlands and not the UK - why "because of the preferential treatment given to tax rollover of losses incurred in Years 1 to 5, the Dutch being far more favourable."

I finished off "Go upstairs and see Unilever and you will also have the same answer."

The answer isn't about 40% or 50% at the high end though - its about encouraging new industries and investment by driving favourable tax deals to encourage them to open up here and take employment, esp outside the SE.

[DTCwordfan]

If you want some interesting reading/research, Gromit, take a look at Hong Kong taxation principles........I would love someone to take up the cudgels for that here in the UK, just to see how the numbers panned out..... I am heading to bed now but am around part of tomorrow and Sunday (more Sunday), as that would be a radical interesting approach for any UK (EU) party to seize on!

[DTCwordfan]

sorry re first post, "it isn't illegal unti proven" - am losing it!