Mel Stride

    CENTRAL DEVON MP Mel Stride was interviewed by the BBC on Thursday in his ministerial role as Financial Secretary to the Treasury regarding emerging proposals to increase taxation on major businesses who generate value in the UK through digital platform. These companies would typically include internet search engines, online market places and social media platforms. Mr Stride said:

    “There are businesses generating substantial value within the UK who we don’t believe are currently paying a fair rate of tax… and we are determined to move to a position where we are able to levy fair taxes on those kind of businesses.”

    Pressed on whether “fair taxes” meant higher taxes, Mr Stride replied:

    “It will for a number of those businesses absolutely - where they are generating billions of pounds worth of value in the UK and they may be paying very little tax - we believe they should be paying more.”

    When asked whether a form of Revenue Tax on a business’s turnover could be a route to go down Mr Stride confirmed the Government had just finished consulting on this specific issue in January and was “looking strongly” at this option. But a key aspect would be ensuring start-up businesses who might be generating significant turnover, but were yet to become profitable, weren’t hit with a Revenue Tax despite being loss-making.

    Mr Stride launched his own business from scratch, running it for 20 years before being elected to Parliament in 2010. He was appointed as Financial Secretary to the Treasury in June 2017 with responsibility for strategic oversight of the UK tax system including direct, indirect, business, property and personal taxation.

    Photo: Rt Hon. Mel Stride MP being interviewed by the BBC in his ministerial role as Financial Secretary to the Treasury.