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The 'billions' being removed from the Scottish economy: clear misunderstanding of how corporation tax works. Moving a registered office to London does nothing for the tax liability of the company for the economic activity taking place inside Scotland. i.e fuck all difference. It's like saying NatWest opening a call center in India means the UK loses out on the fucking profit. The RBS has itself rubbished any notion of moving business out of Scotland, LLoyds is already based in London, plus ca change.
I thought the likes of Google and Amazon basing their European operations in Ireland was because the location actually makes fucking lots of difference to their tax liabilities?
Brun-
Google and Amazon basing their European operations in Ireland was because the location actually makes fucking lots of difference to their tax liabilities?
Yes, specifically corporation tax, which is lower in Ireland than it is in many other European countries, but there is also a problem with the US corporation tax which has a big effect on the choices of tax jurisdiction for nominally 'American' companies.
HQ relocation for banks from Scotland to England after independence isn't a tax matter, it's one of having the HQ under the regulatory control of the population which forms the majority of the bank's customer base.
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Dematerialised 'services' such as SEO revenues are hard to define as occurring over any international border... Hence the controversy.
gbj_tester
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There is so much basic factual misinformation in that it's crazy.
Bank of England, founded by a Scot, is not a government asset. Indeed, it's current strength, holdings have been built up collectively by the UK. It would be the lender of last resort in much the same way the European Central Bank is for the EU. This has nothing to do with tax payers or 'permission' from them, in much the same way that French depositors don't have to ask Germans for permission, and indeed, all are free to set their own corporation taxes depending on the dynamics of their own economy. Why did Britain bail out Ireland? Because so much British money was invested there. Why does this ability or willingness to both invest and support apply to Ireland, but not Scotland?
The 'billions' being removed from the Scottish economy: clear misunderstanding of how corporation tax works. Moving a registered office to London does nothing for the tax liability of the company for the economic activity taking place inside Scotland. i.e fuck all difference. It's like saying NatWest opening a call center in India means the UK loses out on the fucking profit. The RBS has itself rubbished any notion of moving business out of Scotland, LLoyds is already based in London, plus ca change.
Re: jobs/currency/percentage of GDP of finance compared to oil-why does Switzerland, a country with its own currency, a population of 7 million, and no natural resources or comparable industry to Scotland, have no problem being a financial capital? Why is it that they can operate throughout the world with no problem? Why is it, out of the whole EU, they are the only people to legally limit bankers bonuses and pursue an end to bonus culture?
National debt: He fails to mention that despite all the cuts, all the 'in it together hardship' where the MP's have just rewarded themselves with an inflation-beating 10% pay rise for massively increasing the UK's national debt. Scotland has the economic strength to take on debt in the short term transition period to be able to invest in job creation and industry. For a Neo Lib like the the author of this video that's obviously not something he'd countenance.
Anyway. Here's Ireland's take. It makes much more sense and seems to be spoken from a greater degree of impartiality.
https://www.facebook.com/video.php?v=10202639837977316&set=vb.1238705603&type=2&theater