James Dyson is wrong to say the government has ‘piled tax’ upon businesses
The IndependentIt’s just what the business lobby needed as the debate over the government’s planned tax rises heats up: a polarising Brexiteer billionaire who shifted his corporate HQ to Singapore sticking his oar in. “Is it any wonder that the economy is teetering on recession, or that companies like AstraZeneca are deciding to take their investment elsewhere?” The latter was a reference to the pharma group’s decision to build a $360m “state-of-the-art” manufacturing plant in Ireland rather than in the northwest of England near its existing facilities in Warrington and Speke. It wasn’t solely because of the corporation tax hike, which was actually instituted by Rishi Sunak and is due to come into force next month unless Hunt chooses to spring a surprise in his budget. Sir James is also unhappy about a 15 per cent tax rate for subsidiaries of large UK multinationals which will be enacted from the end of 2023, as part of a multinational OECD agreement. Then there was the “super deduction” dreamed up by Rishi Sunak to encourage business investment, which allows firms to claim 130 per cent of the tax back on qualifying schemes.
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Sir James Dyson says Labour ‘killing off family businesses’ with inheritance tax
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