"Shipping companies will be offered tax breaks if they fly the Union Jack, under Budget plans to lure the world’s biggest fleets to the UK.
Rishi Sunak, the Chancellor, is to use the freedoms provided by Brexit to open up the UK’s more generous tax regime to global shipping companies.
Shipping firms flying the Red Ensign - a red flag with the Union Jack in the upper left hoist - will stand a better chance from April next year of being accepted when applying for the UK’s tonnage tax regime.
Companies had to abide by European rules when the UK was part of the EU, which meant those flying the Red Ensign could not be treated any differently to those registered in the EU and flying other flags."
After years of our major shipping companies registering their ships in foreign lands, presumably to avoid UK (or EU) taxation, employee rights, etc., Mr Sunak is promising to make it more financially beneficial to bring home our Merchant Navy!
At last those seafarers, who have, historically, carried much of our output/input across the oceans, in times of war and in peacetime, will be allowed to be British.
I must admit its great that we are able to make decisions like this without asking for permission or having to stick to rules that were clearly against our national interest…well done Rishi
Boris needs to execute a hard Brexit, so far he has kept the UK within the orbit of the ECJ, continued funding the EU and not taken back control of our fishing, borders or laws.
@Bread , Surely we are not still paying the EU’s membership fees
are we Bread ??
I thought any payments we are still making are to pay the
leaving the EU bill of £39 billion ??
I totally agree we should have executed a hard exit despite the
likely repercussions !!
Donkeyman!
Not membership fees but the 39 Billion is still to be paid, we are paying into the EU defence fund, Horizon and a whole load of other things. We are also on the hook for guaranteeing the ECB to the tune of about 500 Billion.
So whilst this government raises tax for those employed in this country, they also offer those who do not live here tax breaks to exploit our economy
These tax breaks will only benefit friends of this government, not do anything to help this country. A UK flag of convenience, which is what is being offered brings no money into our economy, as they will not pay much, if any tax in this country.
@Gee3 , Yeah, so much for the much vaunted low tax economy
Boris is crowing about !!
Once again the resident will be paying for the non resident
billionaire !!
Donkeyman!
It’s worth noting that, for many years, the ship owners have been registering their vessels pretty much everywhere except in the UK.
That means that the reasonable safety rules, for crew (and passengers) could be registering, in some very small island, where there has never been any rules.
Mind you, like others on here, I’m not sure that our owners needed to be bribed with our hard earned tax money!
Anyway, it’s only a “plan” - I’ll still finish my bottle of Pusser’s rum, asap, and get out my Red Duster.
