22-08-2020, 14:40
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#3211
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cf.mega poster
Join Date: Apr 2004
Location: Northampton
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Posts: 8,139
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Re: Will Scotland Leave the UK?
Quote:
Originally Posted by jfman
No I’m saying that the whole system could be reformed to increase investment. The problem with having control of only income tax is that you don’t control other taxes - on dividends for example, or corporation tax, that restricts your ability to meaningfully reform the whole system.
---------- Post added at 14:35 ---------- Previous post was at 14:34 ----------
An independent Scotland wouldn’t necessarily vote SNP.
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That implies England is being hampered with higher corporation tax. 
SNP
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Powers over most businesses taxes, including Corporation Tax, are reserved to Westminster. SNP MPs won’t support further reductions to Corporation Tax.
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Labour
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Labour says it would ‘gradually reverse cuts to corporation tax’ to reach 21% (small profits rate for businesses with annual turnover under £300,000) from April 2021 and increase the main CT rate to 26% from April 2022 from the current 19% paid by all businesses, after a staggered increase to 21% from April 2020 and then 24% from April 2021. This would raise £23.7bn within five years, according to the funding document, released with the Labour manifesto.
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