Technology featured heavily in Chancellor Philip Hammond’s Spring Statement, covering everything from taxing multinational conglomerates to a fresh push for faster broadband.
Using his latest statement to pretty much reiterate what he said in Autumn, Hammond called for a deeper look at how tech giants such as Google and Facebook are taxed. He said there was a need to reform how the bigger tech companies are taxed, suggesting that revenues, rather than profits, should be taxed.
Hammond also announced that he wanted to take a greater look into online marketplaces such as eBay. While the Chancellor said that the likes of eBay were good for the UK economy and good for consumers he said that the way tax was paid on these transactions needs to be reviewed, adding that some sellers get around paying VAT on their sales. He said: “Some people who earn money from using these platforms may never have earned money without an employer to act as an intermediary between them and HMRC before, and can find it difficult to understand and meet their tax obligations."