Government must scrap plans for unfair ports tax after Lords defeat
Conservatives campaign against Labour’s unfair hikes in business rates
Cllr Graham Evans,Weaver Vale’s Prospective MP today welcomed the news that the House of Lords has voted against Government proposals which threaten the future of local firms based in ports. The unfair new taxes, in the form of backdated business rates, threaten to lead of thousands of job cuts and harm the whole economy – including the car industry.
Unfair retrospective taxes: Following decisions made when Gordon brown was Chancellor, the Government has changed the way that business rates are calculated for ports – taxing individual firms rather than port operators. Rather than introducing the new system at the 2010 rates revaluation, local ports firms are to be hit with unexpected bills backdated to 2005.
Knock-on effect on economy: The new taxes will hit the wider economy, as a range of companies are based in ports, reflecting the globalised economy. It is feared that many shipping companies may similarly switch their business to Zeebrugge or Rotterdam, finishing journeys by road or rail, and bypass British ports as a result of the new taxes.
Explosive warning from Insolvency Service: The Government has introduced regulations to allow port firms to pay off their backdated bills over eight years. Yet the Insolvency Service have revealed that the retrospective liabilities will still have to be ‘booked’ immediately, and the new additional liabilities could make firms ‘balance sheet insolvent’ (hindering their ability to raise credit) or worse, if they trading debts become too much, make them ‘commercially insolvent’. The Lords has voted against these regulations.
Weaver Vale’s Prospoective MP explained: “The unfair new taxes, in the form of backdated business rates, threaten to lead of thousands of job cuts and harm the whole economy. Conservatives are calling on the Government to scrap the ‘ports tax’ completely after this week’s vote in Parliament.
“Local firms are already struggling to make ends meet thanks to the recession. These unfair, retrospective taxes from Gordon Brown’s tax inspectors could be the last straw. Even the Government’s own Insolvency Service is warning that the Ministers’ plans could push firms into insolvency.
“This whole affair has exposed systemic failure at the heart of Government. The retrospective taxes break the Government’s own rules, there was no impact assessment, no consideration of the harmful effect on the wider economy and inadequate warning. Yet no-one is taking responsibility.”
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