Re: It is not going well.
Hi
We do the vast majority of Euro Clearing here in the UK.
It amounts to roughly 1 Trillion Euros a day, the tax on those transactions is payable here in the UK
London is also the main centre for credit swaps and trade insurance for Germany's vast exports.
Tax is currently paid here in the UK.
When we leave, if there is no deal on services, all these transactions will be registered in the satellite offices in the EU, and tax will be paid in the EU, not the UK.
It is not just finance, it covers all services, such as telecommunications.
Vodaphone is British, but only 11% of it's profits come from the UK, 45% come from the EU.
That is a lump of tax that will be paid in the EU, not in the UK.
Where do I get my information from?
My son was a senior analyst at a large bank in the UK before he went off to Taiwan.
My estranged daughter is a Chartered Tax Accountant, working on this very thing, they talk to each other and he talks to me.
Without this input, I would have no idea, finance is not my thing.