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Originally Posted by jfman
He can’t save £4bn in tax if he’s already paid tax on it. You are muddying they waters between corporate tax and personal tax.
I don’t get to say if prefer to opt out of PAYE but I’ll still pay national insurance but not income tax. Why should billionaires get to choose?
Absolutely mystifying logic.
Where did I describe Apple or Microsoft as benefiting from nationalised industry? You’ve just threw up a straw man because of your flawed logic.
You’ll actually find banks invent money out of fresh air to provide mortgages as a multiple of cash deposits held.
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The £4bn comes from post-tax profits of the businesses. They are entitled to live anywhere in the world, or the profits could go to another parent company that could be based anywhere in the world. Still no UK tax liable.
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The example you cite are innovative yes, but many are not in the previously nationalised industries. They’re benefiting from taxpayer investment previously made and being sold off cheap.
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The examples given were Apple and MS.
Banks can't "provide mortgages as a multiple of cash deposits held". There are liquidity rules. The nearest they can do is essentially recycle the money by selling on the mortgages, as Northern Rock did. Somebody still has to "buy" those mortgages with money from somewhere real.