Oh dear. The authors of that report derive the number by looking at the value of derivatives today. Which is nothing to do with the value of derivatives when they’re created - that value is £0.
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Replying to @DanNeidle @robertnpalmer and
So a financial transaction tax literally cannot work that way. The £4.8bn figure is junk.
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Replying to @DanNeidle @robertnpalmer and
I thought it was intended to apply as a (small) percentage of the notional value, a bit like stamp duty?
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Replying to @JohnRalfe1 @robertnpalmer and
That was the EU 2011 proposal, which was dropped ‘cause notional value is essentially meaningless economically. This report looks at market value, which has the slight disadvantage of being zero day one. It’s a bit odd.
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Replying to @DanNeidle @JohnRalfe1 and
Also the 6bn from unitary taxation is based on extrapolation from what UK might gain if taxable profits on US MNEs were distributed by formula, but does not seem to take into account what the UK would lose if profits of UK MNEs were similarly distributed to other countriespic.twitter.com/VOwUyiNu24
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Replying to @DanNeidle @MForstater and
Heather Self Retweeted Tax Journal
I’m rather unconvinced.https://twitter.com/tax_journal/status/1191385982068809730?s=21 …
Heather Self added,
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Replying to @hselftax @DanNeidle and
Self's Assessment
.... that could be a series!1 reply 0 retweets 1 like -
Replying to @MForstater @DanNeidle and
It is! Roughly monthly in
@tax_journal
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