Tax on digital services confirmed

High street banks urged to lift unethical personal guarantees on small business loans

A new 2 per cent levy on the UK revenues, rather than the declared profits, generated by digital services providers comes into effect from April 1st, 2020. It will specifically target larger US corporations which, via assorted complex financial arrangements, are currently paying minimal tax in the UK. Liability for the digital services tax kicks in for corporations generating over £25 million in the UK and which have global revenue of over £500 million. This will very obviously include the likes of Amazon, Google and Facebook.

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