Do you think the JOCKS will vote YES ?

[Dick Knights Mumm]

Wrong, it is where the economic activity of a business takes place, otherwise every company in the UK would set up a letterhead in the Caymans.

RBS say:

As part of such contingency planning, RBS believes that it would be necessary to re-domicile the Bank’s holding company and its primary rated operating entity (The Royal Bank of Scotland plc) to England. In the event of a 'Yes' vote, the decision to re-domicile should have no impact on everyday banking services used by our customers throughout the British Isles. However, RBS believes that it would be the most effective way to provide clarity to all our stakeholders and mitigate the risks previously identified in our Annual Report.

You can read that as a change on nameplate - but it is understandable to read more into it than that.

 

[Buzzer]

Wrong, it is where the economic activity of a business takes place, otherwise every company in the UK would set up a letterhead in the Caymans.

Err...no. That's not right. That's not right at all.

HMRC defines corporate residence in guidance note IHT300:
"...it has long been recognised that the residence of a company is determined according to where its central management and control is to be found. That is still so even though since 1988 a company incorporated in the United Kingdom is, with some exceptions, regarded as resident in the United Kingdom for the purposes of the Taxes Acts. That rule overrides but does not eliminate the test of central management and control."

Central management and control is the key NOT where the activity is based. Are you really a financial journalist? I ask because that's a pretty basic error.

 

[seagullsovergrimsby]

What happened to change it?

The bedwetters have hit the panic button

 

[Jim D]

The banks are a total red herring, they are just changing the addresses on their letterheads. No jobs are being moved and they will still be paying their corporation tax in Scotland.

I can't see that being correct. The UK Govt effectively owns Lloyds Bank (includes BoS) and RBS/Natwest. I just can't see them allowing one of this countries assets to be based outside the country (and all the jobs that entails) - and certainly not to pay Corp Tax to a foreign government. That really would be political suicide.

 

[easynow]

Is braveheart being played on Scottish tv this week?

 

[Dick Knights Mumm]

I can't see that being correct. The UK Govt effectively owns Lloyds Bank (includes BoS) and RBS/Natwest. I just can't see them allowing one of this countries assets to be based outside the country (and all the jobs that entails) - and certainly not to pay Corp Tax to a foreign government. That really would be political suicide.

There are lots of people (including me) who will not want their accounts with what will could be taken as a foreign bank.

 

[Dick Knights Mumm]

Is braveheart being played on Scottish tv this week?

No, Whisky Galore.

 

[seagullsovergrimsby]

I can't see that being correct. The UK Govt effectively owns Lloyds Bank (includes BoS) and RBS/Natwest. I just can't see them allowing one of this countries assets to be based outside the country (and all the jobs that entails) - and certainly not to pay Corp Tax to a foreign government. That really would be political suicide.

Basically it isn't the banks who have made a decision it is their majority owners

 

[Bold Seagull]

Is braveheart being played on Scottish tv this week?

Perhaps they should play an accurately historical version where he fights with the Engish as a mercenary prior to leading an army against Edward I at Stirling Bridge.

Perhaps in actual fact, William Wallace would have been pro-union, and was just anti Edward I (as were half the English!).

 

[seagullsovergrimsby]

Is braveheart being played on Scottish tv this week?

There was a rumour in June that STV would show Braveheart next Wednesday but it isn't in the schedules yet

 

[London Irish]

Err...no. That's not right. That's not right at all.

HMRC defines corporate residence in guidance note IHT300:
"...it has long been recognised that the residence of a company is determined according to where its central management and control is to be found. That is still so even though since 1988 a company incorporated in the United Kingdom is, with some exceptions, regarded as resident in the United Kingdom for the purposes of the Taxes Acts. That rule overrides but does not eliminate the test of central management and control."

Central management and control is the key NOT where the activity is based. Are you really a financial journalist? I ask because that's a pretty basic error.

Ha I've no idea what you are, except an over-aggressive keyboard warrior who likes personal cheapshots, but those flow naturally from your right-wing politics I guess. You are actually not disgreeing with me at all, obviously the management of a business is an absolutely key part of its economic activity.

RBS have said they are not transferring anyone to England - I quote them “This is a technical procedure regarding the location of our registered head office. It is not an intention to move operations or jobs."

I was replying to someone who said the address would determine where they paid tax - this is wrong - they would need to relocate huge sections of the business to do that. Are they doing that then, Buzzer?

 

[Buzzer]

Dear oh dear. I'm the overly-aggressive one making personal attacks, eh?

Get a grip, man. For someone so keen to get nasty, so quickly you've a wafer-thin skin.

 

[London Irish]

I can't see that being correct. The UK Govt effectively owns Lloyds Bank (includes BoS) and RBS/Natwest. I just can't see them allowing one of this countries assets to be based outside the country (and all the jobs that entails) - and certainly not to pay Corp Tax to a foreign government. That really would be political suicide.

I can, British politicians have always been 100% clear they would not use the state ownership to interfere with the strategic decisions of board-level management. Whether management would consider a change...? Well RBS said they aren't.

 

[Bold Seagull]

Dear oh dear. I'm the overly-aggressive one making personal attacks, eh?

Get a grip, man. For someone so keen to get nasty, so quickly you've a wafer-thin skin.

It's not like you don't have a little bit of a reputation...

 

[London Irish]

Dear oh dear. I'm the overly-aggressive one making personal attacks, eh?

Get a grip, man. For someone so keen to get nasty, so quickly you've a wafer-thin skin.

On the contrary, it's you who seem incapable of maintaining some kind of normal debating tone - you can't make a point without throwing in some personal cheap shot. If I'm joining in that game with you now, perhaps you shouldn't cry about it either, eh?

 

[Dick Knights Mumm]

Same old same old. A reasonable debate descends into the usual rubbish.

 

[Buzzer]

On the contrary, it's you who seem incapable of maintaining some kind of normal debating tone - you can't make a point without throwing in some personal cheap shot. If I'm joining in that game with you now, perhaps you shouldn't cry about it either, eh?

Where am I crying about anything? I corrected you on where a company is resident for tax and subsequently asked if you were a financial journalist. You're now the one having a paddy. You...not me.

Is this the point where you get evermore aggressive in your posts? If so, we've been here before many times.

 

[Mattywerewolf]

Typical..Do you honestly believe the financial markets would respond so negatively to this news if it was purely a change of header?Obviously the Scottish banks don't want to scare their account holders into withdrawing funds so are giving calm statements which suggest its not a big deal. Moving head office is significant and the Scots might well regret taking a hasty ' bloody hate the English' decision to separate, when they shoot their left foot off in the process.

 

[Buzzer]

It's not like you don't have a little bit of a reputation...

As you can see in this thread, I'm a rank amateur at being a keyboard warrior compared to LI. If you've a spare hour it's worth reading the threads leading up to his self-imposed exile years ago. A master-class and no mistake.

 

[Buzzer]

Same old same old. A reasonable debate descends into the usual rubbish.

Apologies for my part in that. I'll leave this thread.