Amazon, other tech giants face United Kingdom 'digital services tax'

Grant Boone
October 30, 2018

Hammond, who unveiled the news during his Budget address in the Houses of Parliament, said that he expects to raise around £400M ($511M) per year by taxing companies that operate search engines, social media and online marketplaces.

Theresa May this morning denied the moves signalled she was preparing to call another snap election.

Meanwhile, Tottenham MP and ex-culture minister David Lammy said: "We should not be supporting tax cuts that disproportionately help the wealthy".

"What was clear in the Budget yesterday is we have fully funded that. extra money into our NHS and not raising taxes".

Grappling with giants: There's been growing discussion of the viability (and indeed desirability) of a "tech tax" in recent months as a way to grapple with the sprawling, worldwide structures of big USA tech firms like Google, Facebook, and Amazon.

The companies targetted by the tax have yet to issue a formal response to the tax initiative, although shares in Amazon, Google and Netflix all traded lower on United States stock exchanges following the announcement - investors taking in the suggestion that the companies could be in line to pay higher tax bills in the future.

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"We've now turned a corner and we are able to give Britain a bit of good news".

The Shadow Chancellor makes his response the day after the Budget statement during the Budget debates. "If a general election is coming, what they'll do is they'll splash out some money and then if they win the election they then start cutting it back again".

John McDonnell is facing a Labour revolt today after he insisted he will not try to block Budget tax cuts for millions of workers despite claims they mainly benefit the better off.

Torsten Bell, director of the Resolution Foundation, tweeted: 'Labour says it will support the income tax cuts announced yesterday - nearly half of which goes to the top ten per cent of households alone.

Speaking to the Today Programme earlier, the Chancellor, Philip Hammond, defended his spending decisions.

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