Jerome

Yet another sh1te idea from the Labour government. Are they talking a huge percentage increase in profits? If so, Joe Bloggs Ltd selling widgets might have 1 stunning year (until everyone else gets on the bandwagon) and make a huge percentage increase in originally small profits - then labour take a huge chunk. Great idea.

What next? An tax on oxygen?

Total and utter w*****s. At least I can say I didn't vote for them.

Eric Chadwick

The constant spin claiming that high petrol prices are due to the oil companies is pi$$ing me off. I think out of their massive profits from other areas of business the oil companies should mount an anti govt ad campaign showing that almost all the cost of a gallon of petrol goes in gordon brown's back pocket. Trouble is they(New labour washes brains whiter) got in with far fewer votes than the last time the conservatives got in, due to voter apathy this was still a landslide and they don't give a monkeys what we think as it is only the media they need to keep sweet. Fascists

edited for spazzy typing.

[This message has been edited by Eric Chadwick (edited 08 August 2001).]

LanCat

When I heard it I thought it was a threat of a one-off tax because of suspicions that the oil co.'s hadn't passed on the tax reductions from the last budget?

Not sure that I'm ever going to feel sorry for BP seeing at it made nearly $4billion profit in the last 3 months

Lunchie

Personally I like high BP profits. It means they invest more, and that means I keep my job! Selfish I know.

Flamesuit on, fire extinguishers at the ready!

robski

I just cant believe this.

Labour are thinking about taxing the oil companies for super profits.

Why, because they make too much profit.

So there you go, why be successful under a Labour government. Because if you are, they are just going to take it all back. So you may as well become highly inefficent, and pay your employees over the odds, at least that way you wont just have to hand it over in extra tax.

Windfall tax! Jealousy more like.

What I want to know, are we the public going to implement a windfall tax on the uk government as they have collected excessive taxation from us!!!!!!!!!!!

****ers

robski

matt d

Labour are already taxing oil companies for super profits. A 30% corporation tax means that some company earning 5 billion pays 1.5 billion in tax, whereas a company earning just 500 million only pays 150 million in tax.

What's there problem, the system works already?

Also remember that a lot of it is due to the high oil price. When oil was at $10 a barrel, the oil firms were not making much.

A govt should state its taxes up front - fiddling them after the fact is unfair. Maybe we should take £100k off each minister because there was a budget surplus this year???

[This message has been edited by matt d (edited 08 August 2001).]

Josh L

How Tony's cronies can tax these companies defies logic.

BP for instance, made huge profits from their business. Good luck to them. However, they LOST £161 million on the petrol stations.

As with many of the above replies, I agree that it appears Labour just want to tax success, which is probably why so many losers voted for them!

Stephen Read

The oil companies used to be taxed at a up to 87.5% back in the 80's but as the cost of finding and producing North Sea oil rose and the price per barrel fell, they reduced the effective rate in stages, down to what it is today, the regular Corporation Tax rate that any company is liable to pay. I don't work for them anymore :-)

IMHO the last government had the right idea when they reduced them when they did (it kept up UK production, saved jobs, reduced dependence on imports from countries, increased the demand for Sterling - oil is sold in $'s and they have to be sold to buy £'s, we would have had to sell our beloved £'s to buy $'s to buy enough oil on the open market!).

Likewise, the current lot are right to consider reinstating a windfall tax. After all, the super-profits being made are nothing to do with the skill of the oil companies per se. They are more to do with the machinations of Saddam Hussein and the games being played by OPEC manipulating the oil price.

We can only hope that the government do not **** this windfall away on unemployment benefit like the last lot did!

The Norwegians, and the Shetland Islands Council for that fact, have stashed always bucket loads of cash to underwrite their future prosperity but the UK treasury is still massively in debt!

"They may take our oil, but they will never take our......our.....Deep Fried P i z z a s !"



[This message has been edited by Stephen Read (edited 08 August 2001).]

Hollywood

Depends how the profits were acheived and at what cost. If a company can be proved to have acted in a manner that is exploitive to its staff and customers then a windfall tax is justified.

Too many people seem to subscribe to this idea that you should leave business alone and let the market take care of itself at all costs - you wouldn't allow BP to start selling heroin at its petrol stations, you wouldn't allow it to employ child labour, so why allow it to exploit people in other ways? Businesses have to abide by rules like the rest of us - if they have, and they still make a huge profit, then good luck to them - no windfall tax needed!

Of course the flipside is that the government will want to pass the blame for high fuel prices onto the oil companies by publicity such as this - we all know the real problem is high taxation on fuel with no obvious benefit to roads and public transport as a result...

Nick

BarryK

Oh what short memories you have my children.

Mrs Thatcher did EXACTLY the same thing to the big banks. Windfall profits I think they were called. They got "super" taxed.

A precedent was set.

This is nothing to do with economics.

This has everything to do with spending other peoples money, as much as you can lay your hands on.

LEE P

The whole tax thing p155es me off, they seem to move the goal posts every time, they want to give if tax cut if any you can have it next budget, they want to increase tax and we will do it at 3pm this afternoon, well midnight you get my drift, but i remember last election it depended on which paper you read as to what you actually find out, i was horrified to find out tht 45 stealth taxes introduced in last 4 years. these big companys must be sick or it, i know i am, its self assesment time for us all again and the bloody tax must be making a fortune on interest, all that tax collect and people havent even earned it. what business makes you cough up in advance. glad i run my scoob, least i enjoy putting my business fuel through the tank and get a buzz driving it than giving it to those ba5t@rds. Lee