Vince Cable (Times) on Banks...

[Buffalo]

Yadda yadda, for the most part:

http://www.timesonline.co.uk/tol/comment/columnist...

However, this quote stood out for me:

vince cable said:

Merrill Lynch seems to have cooked up an outrageous deal in which it can offset global losses against future UK profits for the next 60 years.

Who let that one through the net..? Someone tell me that isn't the norm for all banks..? And yet we are heading more and more towards the offshore profits of private investors needing to be included in UK tax returns. It's such a load of horseshte.

[Melch]

I fail to see what the problem is. If a company suffers a loss one year, why should it not be able to offset that loss against future profits? If you were not earning for six months of the year, you would pay less tax on the remaining six months.

Cable is clever, but overpays the populism.

[johnfm]

Melch said:

I fail to see what the problem is. If a company suffers a loss one year, why should it not be able to offset that loss against future profits? If you were not earning for six months of the year, you would pay less tax on the remaining six months.

Cable is clever, but overpays the populism.

I think the issue is offsetting non-UK losses against UK profits. It reduces the UK tax take from their successful UK operations.

[Buffalo]

Melch said:

I fail to see what the problem is. If a company suffers a loss one year, why should it not be able to offset that loss against future profits? If you were not earning for six months of the year, you would pay less tax on the remaining six months.

Cable is clever, but overpays the populism.

I don't have a problem offsetting losses against profit. But, should a bank (or any business) be able to offset *foreign* losses against UK profits..? Surely the offsets should be limited to the country in which the investment is made.

[s3fella]

It's so they can pay themselves bonuses....



I bet B of A love having these lot on board!!?

[Randy Winkman]

Everyone with power, both politicians and business people, feel they have the right to shaft the normal working people. Roll on the revolution.

[Halb]

Randy Winkman said:

Everyone with power, both politicians and business people, feel they have the right to shaft the normal working people. Roll on the revolution.

[Mojocvh]

Halb said:

Randy Winkman said:

Everyone with power, both politicians and business people, feel they have the right to shaft the normal working people. Roll on the revolution.

Who's that old sepia punter then?

[jeff m]

Charley one

[AndrewW-G]

Mojocvh said:

Who's that old sepia punter then?

Ollie Cromwell

[johnfm]

Randy Winkman said:

Everyone with power, both politicians and business people, feel they have the right to shaft the normal working people. Roll on the revolution.

Business doesn't shaft anybody. The last time I looked, there is no law that says you HAVE to work in a low paid job that you don't enjoy.

Government, on the other hand, does force you to pay tax etc etc.

Nothing wrong with business - it makes the world go 'round.

[fido]

johnfm said:

Government, on the other hand, does force you to pay tax etc etc.

Nothing wrong with business - it makes the world go 'round.

+1. Vince Cable should get off his populist horse, stop whinging about banks and people who live in >£1m pound houses (who will tire of his whinging and move to Canada or somewhere else) and look at the bigger picture - UK plc - apparently someone's committing fraud on an even bigger scale (to the tune of billions) by devaluing your savings:-

http://renegadeeconomist.com/news/money-morning-br...

[elster]

AndrewW-G said:

Mojocvh said:

Who's that old sepia punter then?

Ollie Cromwell

Well that isn't going to help. We want rid of the parliament, not Queen.

[Randy Winkman]

johnfm said:

Randy Winkman said:

Everyone with power, both politicians and business people, feel they have the right to shaft the normal working people. Roll on the revolution.

Business doesn't shaft anybody. The last time I looked, there is no law that says you HAVE to work in a low paid job that you don't enjoy.

Government, on the other hand, does force you to pay tax etc etc.

Nothing wrong with business - it makes the world go 'round.

I meant people with power are the problem, in both politics and business. Not "business" itself.

[F i F]

Randy Winkman said:

johnfm said:

Randy Winkman said:

Everyone with power, both politicians and business people, feel they have the right to shaft the normal working people. Roll on the revolution.

Business doesn't shaft anybody. The last time I looked, there is no law that says you HAVE to work in a low paid job that you don't enjoy.

Government, on the other hand, does force you to pay tax etc etc.

Nothing wrong with business - it makes the world go 'round.

I meant people with power are the problem, in both politics and business. Not "business" itself.

errr "people who misuse power are the problem" is a more correct way of expressing it I suggest.

[grumbledoak]

johnfm said:

I think the issue is offsetting non-UK losses against UK profits. It reduces the UK tax take from their successful UK operations.

This isn't new, or limited to the banks. Any multinational can do it, and national politicians can't do anything. Do you think Sky pays much tax in the UK? Or the telecoms companies? All are making big 'losses' abroad.

Cable is trying to be populist, and it will cost him in credibility.

[Randy Winkman]

F i F said:

Randy Winkman said:

johnfm said:

Randy Winkman said:

Everyone with power, both politicians and business people, feel they have the right to shaft the normal working people. Roll on the revolution.

Business doesn't shaft anybody. The last time I looked, there is no law that says you HAVE to work in a low paid job that you don't enjoy.

Government, on the other hand, does force you to pay tax etc etc.

Nothing wrong with business - it makes the world go 'round.

I meant people with power are the problem, in both politics and business. Not "business" itself.

errr "people who misuse power are the problem" is a more correct way of expressing it I suggest.

In my opinion, so many of them do it that in basic terms, my point was expressed as I intended.

[pkitchen]

fido said:

johnfm said:

Government, on the other hand, does force you to pay tax etc etc.

Nothing wrong with business - it makes the world go 'round.

+1. Vince Cable should get off his populist horse, stop whinging about banks and people who live in >£1m pound houses (who will tire of his whinging and move to Canada or somewhere else) and look at the bigger picture - UK plc - apparently someone's committing fraud on an even bigger scale (to the tune of billions) by devaluing your savings:-

http://renegadeeconomist.com/news/money-morning-br...

They won't tire of his whinging if they are making money. They just won't listen. Now if they weren't making money THEN they would go and move to Canada or somewhere else. Cable is a populist he is a bloody politician for fks sake

[Zod]

Merrill bankers will still pay taxes if the bank doesn't and if Brown, despite his endless tinkering withthe tax system still couldn't find a way to deal with global companies booking losses here to shelter profits then it just provides yet more evidence of what an incompetent tool he is.

[HundredthIdiot]

Is 60 years normal in the UK?

My (tiny) business is based in Dublin; I've informally discussed offsetting losses with my accountants, and the rules here are apparently limited to a couple of years.