baw 4,360 Posted February 21, 2014 Report Share Posted February 21, 2014 Opposition parties warn TSB shifting its tax base to England is "very bad news for Scotland", with Standard Life expected to warn about the risks of independence next week Alex Salmond has been told to wake up to the economic damage his independence plan is causing Scotland after the Telegraph disclosed how the TSB is shifting its tax base to England. Opposition parties said the shift was very bad news for Scotland, where the bank was founded and previously domiciled for tax purposes, and blamed the First Ministers bluff and bluster. By Simon Johnson, Scottish Political Editor6:00AM GMT 21 Feb 2014 Opposition parties warn TSB shifting its tax base to England is "very bad news for Scotland", with Standard Life expected to warn about the risks of independence next week Alex Salmond has been told to wake up to the economic damage his independence plan is causing Scotland after the Telegraph disclosed how the TSB is shifting its tax base to England. Opposition parties said the shift was very bad news for Scotland, where the bank was founded and previously domiciled for tax purposes, and blamed the First Ministers bluff and bluster. RELATED ARTICLES Independence 'would cost Scottish businesses more than their English competitors' Standard Life to warn of risks of Scottish independence First Minister's Questions: live This newspaper can also disclose today that Standard Life is poised to warn that Scottish independence poses a risk to its business north of the Border. The Edinburgh-based financial services giant, which has six million customers and nearly £240bn of assets under management, is expected to flag its concerns about a UK break-up when it reports full year results next Thursday. Although currently headquartered north of the Border, a majority of both companies customers live in the rest of the UK. The new ownership structure of Lloyds Banking Group, the TSBs parent company, emerged after a week in which Mr Salmond has refused to name a Plan B currency despite Westminster ruling out sharing the pound. It is understood uncertainties around the independence referendum prompted Lloyds to shift the TSBs tax base to England in the hope of reassuring potential investors ahead of a £1.5bn stock market float. The TSB and Lloyds are currently both incorporated in Scotland. The first trustee savings bank was established by Rev Harry Duncan of Ruthwell in Dumfriesshire for his poorest parishioners in 1810. But Lloyds is to place its newly restructured 631 branch TSB subsidiary into a new holding company registered in London. It was registered at Companies House earlier this month and is incorporated in England and Wales. Iain Gray, Scottish Labours finance spokesman, said the TSB move is very bad news indeed for Scotland, and a wake-up call for the SNP. For months now Alex Salmond has simply refused to listen to any suggestion that his referendum is creating uncertainty in the Scottish economy, or that important businesses fear the consequences of separation, he said. Now we have a major player in the Scottish financial sector, which employs 95,000, choosing to register in England rather than Scotland, where it has always been based. He said the least Mr Salmond should do is disclose his Plan B for the currency after the Chancellor, the Shadow Chancellor and the Chief Secretary to the Treasury ruled out his proposal to share the pound. Gavin Brown, the Scottish Tory finance spokesman, added: This move also means we have to watch very closely if other major businesses make similar decisions. Lloyds is set to sell as much as half its stake in TSB in an initial public offering (IPO) being held shortly. One former senior banking executive told this newspaper that the TSB could not float as a Scottish company because investors would have too many issues with the potential impact of independence. However, customers are unlikely to be immediately affected as the bank will retain its Scottish registration despite moving its tax base to England. It is understood Standard Lifes main problems relate to its pensions business, which could lose UK tax exemption rights if Scotland votes for independence in September. Analysts fear that the business could be severely harmed without the exemption, which a separate Scotland could struggle to afford given what would be the relatively large size of its financial sector. Marcus Barnard, at Oriel Securities, said that unless a similar system could be put in place, Standard Life would be faced with a choice between moving its headquarters or a new pension subsidiary to the remainder of the UK. Gerry Grimstone, Standard Lifes chairman, used last years annual report to emphasise the benefits of the current single market for financial services in the UK and the EU and promised to speak up if this was threatened. The firm said it continued to monitor the Scottish independence debate very closely and it would continue to serve its customers regardless of the referendums outcome. A TSB spokesman confirmed the banks tax domicile is moving from Scotland to England but added: Establishing new companies as part of a listing or IPO process is standard practice. A Scottish government spokesman said: We welcome the fact that TSB Bank plc is registered as a Scottish bank, retaining its traditional Scottish roots. Link to post Share on other sites
paulus 26 Posted February 21, 2014 Report Share Posted February 21, 2014 fook all that bowie said no Link to post Share on other sites
scothunter 12,609 Posted February 21, 2014 Report Share Posted February 21, 2014 I ws watching his question time in scottish parliment,the c**t just annoys me.i know all politicians dodge questions. but he has taken that to a new level. he expects the scots to vote yes before we actually know our position,and his claim is the day after the referendum,osbourne will change his mind. well if someone was ridiculouling me like salmond is and making this a slanging match,call me childish but that would make me even more determined to dig my heels in. its all irelevant anyway. no way will the scots vote yes.they were pretty unsure to start with,this latest bombshell about the pound,just made up thier minds. eck can shout all he wants about us poor scots getting treated bad by the english. tbh only him and his fanatical followers actually believe that. 1 Link to post Share on other sites
baw 4,360 Posted February 21, 2014 Author Report Share Posted February 21, 2014 The thing is though mate, this is only the start of the big companies exodus from Scotland. What damage will be done before we get a chance to tell the fat c**t no? I'd like to think that Lloyd's knows a bit more regarding currency than salmond and joe and they've shown what they think of salmonds bluffs with their feet. Link to post Share on other sites
IanB 0 Posted February 21, 2014 Report Share Posted February 21, 2014 I watched something on tv the other week, if Scotland did become Independent, The royal bank of Scotland said they would move its HQ from Edinburgh to England also. Link to post Share on other sites
scothunter 12,609 Posted February 21, 2014 Report Share Posted February 21, 2014 he might drop ded with a heart attack,he cant eat the mount he does,and no risk one lol Link to post Share on other sites
scothunter 12,609 Posted February 21, 2014 Report Share Posted February 21, 2014 Ian that just scaremongering mate,all bluff and bluster,ask any of the braveheart brigade lol Slmond will tell us,all these companies will change thier minds after the election. lol Link to post Share on other sites
sandymere 8,263 Posted February 21, 2014 Report Share Posted February 21, 2014 It'll be alright, they won't have the NHS but will depend on homeopthy http://www.rectofossal.com/science-scottish-independence/ hope they like water! 1 Link to post Share on other sites
mushroom 14,080 Posted February 21, 2014 Report Share Posted February 21, 2014 Don't you hate being right Link to post Share on other sites
Fecktheban 0 Posted February 21, 2014 Report Share Posted February 21, 2014 I was in glasgow two weeks ago for a charity event. It's like time travel back to the 60s, they have wasted uk money for to long. Link to post Share on other sites
gonetoearth 5,144 Posted February 21, 2014 Report Share Posted February 21, 2014 I was in glasgow two weeks ago for a charity event. It's like time travel back to the 60s, they have wasted uk money for to long.. As the sweatys say GET TEE FEK. What part did you go GLASGEE is a great city modern and worth every penny. 1 Link to post Share on other sites
nothernlite 18,260 Posted February 21, 2014 Report Share Posted February 21, 2014 I was in glasgow two weeks ago for a charity event. It's like time travel back to the 60s, they have wasted uk money for to long. really what part of glagow was that ? Link to post Share on other sites
scothunter 12,609 Posted February 21, 2014 Report Share Posted February 21, 2014 I was in glasgow two weeks ago for a charity event. It's like time travel back to the 60s, they have wasted uk money for to long. really what part of glagow was that ? dont bother he just talking shite again. did you tell the weedgies there city was a shithole. obvioulsy you didnt lol 1 Link to post Share on other sites
Fecktheban 0 Posted February 21, 2014 Report Share Posted February 21, 2014 It was a place called pollock. Link to post Share on other sites
nothernlite 18,260 Posted February 21, 2014 Report Share Posted February 21, 2014 It was a place called pollock. not far from me and were you made welcome ? Link to post Share on other sites
Recommended Posts