Scottish Independence - How Will You Vote? MkIII

[Vasily Zaytsev]

Clocked this on YouTube tonight. Love it. Tommy Sheridan is the same firebrand he's always been. https://www.youtube.com/watch?v=rf_PXB1OfqU

[strichener]

There are countless industries at which exemptions are targeted to reduce the effective rate of corporation tax levied on those sectors. This is not "speaking pish about corporation tax".

Eh? I am sure someone as educated as yourself understands that there is a difference between effective rates of payment of corporation tax and the rate of corporation tax. Your claim was on the rate of corporation tax, not effective rates.

You claimed that "we have reduced rates for certain companies in, among other things, oil and gas."

So for the record, can you

1. state the current rate of corporation tax for oil and gas companies

2. state the rate for a company in the electricity generating business (or just state the standard rate of corporation tax).

3. Retract your original claim.

One of the main differences with oil and gas companies is that they are allowed to offset PRT against RFCT thus reducing their effective taxation from this RFCT even though this has a higher rate than CT. RFTC also disallows other losses and excessive interest payments that other companies can offset against CT and thus increases their effective rate. So in respect of oil and gas companies you are most surely speaking pish.