crash2006 Posted September 27, 2010 Share Posted September 27, 2010 Wolseley, the 123-year-old company and the world's largest plumbing and building materials supplier, has unveiled plans to redomicile in Switzerland for tax reasons in a fresh blow for the Britain's Coalition government. The board has concluded that the interests of its business and its shareholders are best served by establishing an international holding company corporate structure that will help provide more certainty in its taxation position," Wolseley said in a statement Well again shareholders come of laffing again, they want the business in the UK but they dont want to support the UK, how many more are thinking of doing the same. Quote Link to comment Share on other sites More sharing options...
ken_ichikawa Posted September 27, 2010 Share Posted September 27, 2010 Well again shareholders come of laffing again, they want the business in the UK but they dont want to support the UK, how many more are thinking of doing the same. Heard this this morning on the way to work....more taxodus.... too many leeches killing the host... Quote Link to comment Share on other sites More sharing options...
blobloblob Posted September 27, 2010 Share Posted September 27, 2010 I want to boycott them for this, but I'm already boycotting them because they can't spell 'centre'. Quote Link to comment Share on other sites More sharing options...
Gone baby gone Posted September 27, 2010 Share Posted September 27, 2010 What's good for the goose is good for the gander: http://www.google.com/hostednews/afp/article/ALeqM5iLl6pyA9OKxzDFJBwLCyLHdhA_0g Quote Link to comment Share on other sites More sharing options...
billfunk Posted September 27, 2010 Share Posted September 27, 2010 Charge them an exit tax for moving. Work out how much we have lost in tax and charge the Swiss import tariffs until we recoup the lost money. I don't suppose the Swiss actually export anything useful do they? Quote Link to comment Share on other sites More sharing options...
Harry Monk Posted September 27, 2010 Share Posted September 27, 2010 I got all excited because I thought this thread was going to be about my Wolseley 16/60 :angry: Quote Link to comment Share on other sites More sharing options...
ChumpusRex Posted September 27, 2010 Share Posted September 27, 2010 Well again shareholders come of laffing again, they want the business in the UK but they dont want to support the UK, how many more are thinking of doing the same. It doesn't affect the shareholders all that much. If you own shares in a UK company, the corporation tax already paid by the company is refunded to you when you receive your dividends. This way, you don't get double taxed. For an overseas domiciled company, the shareholders don't get this refund, so pay income tax on the full dividend. The big beneficiary is the company, if they decide to hold money back (and not pay it as dividends) for later investment. In a high tax environment, like the UK - those funds would be stolen and funneled into largely unproductive goverment spending, instead of being left for the company to invest as it sees fit. Quote Link to comment Share on other sites More sharing options...
JPJPJP Posted September 27, 2010 Share Posted September 27, 2010 I am surprised more companies aren't doing this - the whole commissaire / tolling structure is beautifully elegant and delivers great results I am also surprised that the Swiss aren't kicking off at the extra pressure on resources: traffic, hospitals, schools etc. (you try and get a place at an international school in lausanne / geneva for instance) Boycotting companies that do this would leave your shopping trolly emptier than you might think... P&G, Unilever, Nestle, Fritolay, J&J, Philip Morris, JTI, Bacardi... these are just the first few consumer products companies that spring to mind as I think about who's done it already.... Quote Link to comment Share on other sites More sharing options...
erranta Posted September 27, 2010 Share Posted September 27, 2010 (edited) I want to boycott them for this, but I'm already boycotting them because they can't spell 'centre'. Another example of this tax avoiding (yet creaming the money off the UK population) is Eddie Stobart the huge truck haulage company. They moved to France and fitted the biggest diesel tanks to their trucks then take them back over to France to fill up when they get toward empty - depriving the exchequer of 10's millions even though they do all their operating in the UK. They also operate at an unfair advantage and have put loads of other truck businesses out of business by undercutting them - in the long run we will all have to pay more £££'s as they kill off competition! Busted - They should be treated as icons of big business unloyalty to the host nation - the UK! Edited September 27, 2010 by erranta Quote Link to comment Share on other sites More sharing options...
ken_ichikawa Posted September 27, 2010 Share Posted September 27, 2010 Another example of this tax avoiding (yet creaming the money off the UK population) is Eddie Stobart the huge truck haulage company. They moved to France and fitted the biggest diesel tanks to their trucks then take them back over to France to fill up when they get toward empty - depriving the exchequer of 10's millions even though they do all their operating in the UK. They also operate at an unfair disadvantage and have put loads of other truck businesses out of business by undercutting them - in the long run we will all have to pay more £££'s as they kill off competition! Busted - They should be treated as icons of big business unloyalty to the host nation - the UK! Erm have you seen how much fuel costs in Europe? Last trek out there I was paying upwards of 1.55 Euro for the cheapest (at Carrifore places) and 1.72 on motorways! Quote Link to comment Share on other sites More sharing options...
erranta Posted September 27, 2010 Share Posted September 27, 2010 (edited) Erm have you seen how much fuel costs in Europe? Last trek out there I was paying upwards of 1.55 Euro for the cheapest (at Carrifore places) and 1.72 on motorways! They moved to France over a decade ago and lapped up 100's £millions in avoided UK excise taxes whilst they delivered Gordo's non-boom goods! They're miles ahead of you - now importing by their own refridgerated train company thru channel tunnel from Spain etc "Stobart Group announces launch of Valencia Rail Service" Aug 2009 Stobart Rail part of the Stobart Group, one of the UK's leading providers of multimodal transport and logistics services and DB Schenker Rail (UK) today announce the launch of temperature controlled intermodal services from Valencia to the UK via the Channel Tunnel. Edited September 27, 2010 by erranta Quote Link to comment Share on other sites More sharing options...
Ah-so Posted September 27, 2010 Share Posted September 27, 2010 That is the way of things - if a government increases taxes on entities that have no fixed reason for choosing one location over another, they will begin to start moving abroad. A government that is trying to raise taxes needs to make sure that overall there is a net gain for it. Of course, many argue that tax revenues are actually increased by having low corporate taxation - the lower revenues are offset by more corporations being attracted to lower tax destinations and the increased income tax it generates. Any talk of placing restrictions on the freedom of companies is plain silly - it will just drive Britain down the tables of international competitiveness and scare away potential investors. Quote Link to comment Share on other sites More sharing options...
ken_ichikawa Posted September 27, 2010 Share Posted September 27, 2010 That is the way of things - if a government increases taxes on entities that have no fixed reason for choosing one location over another, they will begin to start moving abroad. A government that is trying to raise taxes needs to make sure that overall there is a net gain for it. Of course, many argue that tax revenues are actually increased by having low corporate taxation - the lower revenues are offset by more corporations being attracted to lower tax destinations and the increased income tax it generates. Any talk of placing restrictions on the freedom of companies is plain silly - it will just drive Britain down the tables of international competitiveness and scare away potential investors. What do you mean will? Quote Link to comment Share on other sites More sharing options...
exiges Posted September 27, 2010 Share Posted September 27, 2010 (edited) I want to boycott them for this. Don't hate the player, hate the game. It makes perfect sense as a business to minimise their tax. If this govt gave incentives to business (or at the very least not double-tax them) they wouldn't have to consider moving elsewhere. When a company I worked for moved to Switzerland the canton granted the company zero taxation for 10yrs, knowing full well they'd rake in a fortune from the tax on the staff that were hired. Sometimes this country really does cut it's nose to spite its face. Edited September 27, 2010 by exiges Quote Link to comment Share on other sites More sharing options...
Goat Posted September 27, 2010 Share Posted September 27, 2010 It doesn't affect the shareholders all that much. If you own shares in a UK company, the corporation tax already paid by the company is refunded to you when you receive your dividends. This way, you don't get double taxed. That was the position until 6 April 1998, guess who changed it. Post 1998 the tax credit became non-refundable so if you're a non-taxpayer it's gone. And since non-taxpayer means "pension fund" and most people who own shares do so through pension funds that means most of the time you don't get it back. Quote Link to comment Share on other sites More sharing options...
Goat Posted September 27, 2010 Share Posted September 27, 2010 (edited) Charge them an exit tax for moving. Thus ensuring that no overseas company considers investing in the UK again. Work out how much we have lost in tax and charge the Swiss import tariffs until we recoup the lost money. I don't suppose the Swiss actually export anything useful do they? E.U. Single Market, etc Edited September 27, 2010 by Goat Quote Link to comment Share on other sites More sharing options...
Protect Rural England Posted September 27, 2010 Share Posted September 27, 2010 Good luck to them! If they can run their business and legally avoid paying the legalised theft of high taxes so what? About time people got real. No one owes any of us anything. It's up to you. Go start a business if you can and see how much time, energy and money is spent in complying BEFORE you make a living, let alone a profit. Our Govt want more business here ? LOWER TAX Our Bank of England want you to spend your money? LOWER VAT Our Govt want you to carry on living here and paying tax on almost everything? LOWER TAX or face the consequences and watch the talent leave. Not very complicated. Quote Link to comment Share on other sites More sharing options...
dubsie Posted September 27, 2010 Share Posted September 27, 2010 Also the same company responsible for bringing in tonnes of deadly asbestos right up until 1989, clearly don't want to pay for the mess they created. These giants make me laugh. They want it all, cheap labour, subsidised building industry, zero regulation yet they don't like paying uk tax. Quote Link to comment Share on other sites More sharing options...
Protect Rural England Posted September 27, 2010 Share Posted September 27, 2010 Also the same company responsible for bringing in tonnes of deadly asbestos right up until 1989, clearly don't want to pay for the mess they created. These giants make me laugh. They want it all, cheap labour, subsidised building industry, zero regulation yet they don't like paying uk tax. Well don't blame the company. Blame the morons who enacted the legislation or failed to stop their conduct. Why is it always the fault of private business? Who owned the largest asbestos producers in South Africa - yes us, UK business. Quote Link to comment Share on other sites More sharing options...
stormymonday_2011 Posted September 27, 2010 Share Posted September 27, 2010 (edited) E.U. Single Market, etc I must have missed Switzerland joining the EU. When did that happen ? Edited September 27, 2010 by realcrookswearsuits Quote Link to comment Share on other sites More sharing options...
stormymonday_2011 Posted September 27, 2010 Share Posted September 27, 2010 (edited) Dupe Edited September 27, 2010 by realcrookswearsuits Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.