Budget 2018: New 'Digital Services Tax' could hit Wiggle-CRC

The Chancellor is to announce a £28 billion investment plan for the road network

Chancellor of the Exchequer Philip Hammond has announced a 'Digital Services' tax, of two percent levied against companies earning more than £500 million in global revenue, as part of the government's 2018 Budget. While the details of the new tax will be out after the government consults experts in the field the tax will be created to ensure it is established tech giants - rather than local tech start-ups shoulder the burden of this new tax.

The new system taxes revenues instead of profits, which companies often record outside the U.K. The tech companies are clear they comply with the letter of the law.

"But we put forward in the general election a fairer taxation system so that does mean that we will be asking the top 5% to pay a bit more in income tax and we will be rolling back numerous corporation tax cuts that have taken place, and we will be cracking down on tax evasion and tax avoidance". The new tax, which targets technology giants such as Google and Facebook would help raise around £400 million a year.

Hammond said that tax rules have "simply not kept pace with changing business models", and he warned that it was "clearly not sustainable or fair that digital platforms businesses can generate substantial value in the United Kingdom without paying tax here".

"Everything is overshadowed by the damaging impact that Brexit will have on the UK's public finances and the skilled workers available to run public services".

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"At some point, we will need to pay more tax if we are to continue to increase spending on the NHS like this", Mr Johnson warned.

Publicans urged revenue from the tax be fed back into hospitality businesses to halt pub closures across the country.

Britain's U.K. Treasury chief says the government will introduce a tax on big internet companies' revenues, saying the nation could not negotiate forever with other countries in coming up with a global solution.

'Yesterday, the shadow chancellor said Labour would support the tax cuts'. Confusingly, that does seem to, however, contradict the Chancellor's speech which referred to global turnovers in excess of £500m.

The change will mean an annual tax saving of £130 for basic rate taxpayers, £860 for higher rate taxpayers and £600 for additional rate taxpayers in England and Wales. This year it revised up its forecasts for tax income, which was an unexpected windfall for the government. The progress has been slow but the time for implementation is already here, according to Hammond.

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