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Dan Neidle Profile picture
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Mar 6 • 4 tweets • 2 min read
What have UK corporation tax rates and revenues been doing for the last fifty years? This:

#infographics #nerdery Image
How does that compare with France and the US? Image
And here's a full interactive version that lets you compare rates and revenues for any countries across the OECD: taxpolicy.org.uk/corp_tax_histo…
Comparing tax revenues as a % of GDP is imperfect, as clearly corporate profits are higher in some countries (eg Luxembourg) than others (eg Portugal). But unfortunately finding comparable data on corporate profits is hard.

So some caution is required when using the chart to… twitter.com/i/web/status/1…

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More from @DanNeidle

Dan Neidle Profile picture
Mar 2
A story for World Book Day:

Once upon a time, in a far away land, some wonderful publishers told us they'd love to make ebooks cheaper for everybody, if only the Government would break the curse of VAT.

You'll never guess the truly unforgettable twist ending...
The curse of VAT was magically abolished, but ebooks didn't become cheaper.

Instead, those clever publishers kept all the money - £200m - for themselves, and lived happily ever after.

The end.
And, courtesy of chatGPT, here's the fairytale version with a happy ending:

Everyone who believes this fairytale is welcome to listen to the next lobbyist who comes telling wild tales of benefits to consumers, if only their VAT could be cut

The rest of us won't be fooled again.
Read 5 tweets
Dan Neidle Profile picture
Feb 27
Finally a response from the Post Office to the tax scandal, in a letter in today's Times. But not good enough:
1. failure to accept responsibility: the "unfairness" in question was created by the Post Office's failures - not adjusting compensation to reflect higher tax bands, not paying for victims' tax advice, and making misleading statements on tax in its settlements.
2. no urgency: the Post Office has been aware of the problem since the Mail approached them for its story on the 16th. It then took my team (working for free) a couple of days to identify the issues. Why does it take the Post Office so much longer?
Read 5 tweets
Dan Neidle Profile picture
Feb 24
Friday legal ethics quiz!

You're asked to act for Yevgeniy Prigozhin. He's sanctioned by the US/UK/EU, accused of having $m of illegal wealth, and widely reported to lead a violent mercenary group, Wagner.

He wants you to sue @EliotHiggins for saying he runs Wagner.

Do you:
If you chose answer 4, then the good news is that Discreet Law are hiring: discreetlaw.com/joining-us/
This is of course too insane to have actually happened, except it did: ft.com/content/3e1b5b…
Read 9 tweets
Dan Neidle Profile picture
Feb 24
If you buy a Samsung phone with a loan, then your lender is "Samsung Finance", actually a company called Glow Financial Services.

Glow is about to be struck off for failing to file its accounts with Companies House.
And here's the link between Samsung and Glow:
Glow is regulated by the FCA. Which doesn't seem awfully consistent with failing to file accounts.
Read 5 tweets
Dan Neidle Profile picture
Feb 23
I've a column in the Times on the tax scandal within the Post Office scandal. Postmasters finally receiving compensation for being falsely accused of theft will have to pay tax on it.

The Post Office didn't warn them and hasn't compensated them. thetimes.co.uk/article/1695dc…
A longer version of that piece is here (no paywall): taxpolicy.org.uk/postoffice
I wrote to the Post Office yesterday to ask them to explain why they'd left postmasters and postmistresses in this position, and what they proposed to do about it:
Read 10 tweets
Dan Neidle Profile picture
Feb 22
Retailers have assured Amy that the benefit of any VAT cut will be passed onto consumers. They may even believe it; but history shows they won't deliver it. The VAT cut would just end up as corporate profit.
The standard economics answer is counterintuitive - the more competitive a market is, the *less* likely a VAT cut is to be passed to consumers. Why?

Because in a competitive market, VAT won't have been fully passed on to start with, so there's less VAT built-in to reverse.
And it's very hard for us to spot what retailers are doing, given that prices are highly variable due to a complex mixture of supply and demand factors (e.g. this chart shows pricing movements for ebooks). Image
Read 9 tweets

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