When the Brexit negotiations were still in full swing, the British threatened to turn the UK into some kind of Singapore or Dubai by the North Sea.
In other words: a tax haven on the borders of Fortress Europe. A tricky situation. Because after all, which businesses would be silly enough to keep filling ‘failed state’ Belgium’s treasury, or the coffers of communist France? The prospects were exciting.
Unfortunately, the British became presumptuous. Instead of making the UK fiscally more attractive, they are moving in the opposite direction. The Tories keep surprising us.
In 2023, they will increase corporate tax from 19% to no less than 25%. Only small businesses with profits under £ 50,000 remain in the 19% bracket. Remember that one year ago, there was talk of a reduction to 17%.
This is the first time in the UK’s history that the downward trend in corporate tax has been halted. The tax rate used to be 52% (so there is enough room left to annoy businesses a little more).
Bye Bye, Dubai on the North Sea shores. Neither will the personal income tax brackets be corrected for inflation, meaning an indirect tax increase. An old trick that Belgium also used in the past.
The UK is the first to use tax hikes to compensate for the Covid hysteria and all related expenses. As said before, the real third or fourth wave that is coming will be the tax tsunami prepared by obese governments. You have been warned! We are ready to creatively guide you to legally safer havens.