Budget 2018: Philip Hammond to announce commemorative Brexit 50p coin

Bath England. The historic city of Bath a UNESCO World Heritage site is considering introducing a Clean Air

Bath England. The historic city of Bath a UNESCO World Heritage site is considering introducing a Clean Air

The Chancellor Philip Hammond is expected to announce a commemorative 50p coin to mark Brexit later today.

"There is one stand out example of where the rules of the game must evolve now if they are to keep up with the emerging digital economy". He said digital platforms "have changed our lives, our society and our economy, mostly for the better", but that taxation rules "have not kept pace".

"It's clearly not sustainable, or fair, that digital platform businesses can generate substantial value in the United Kingdom without paying tax here in respect of that business", Hammond said during his budget presentation to the British parliament.

Beginning in 2020, the tax would be assessed on "digital services companies" that register minimum annual revenues of £500 million ($640 million) globally. New OECD regulations could ultimately take precedence over United Kingdom rules, but Hammond said progress internationally had been "painfully slow". The government said the tax had been designed so that established tech giants shouldered the burden rather than start-ups.

Hammond joked that he is "already looking forward to my call with the former leader of the Liberal Democrats" Nick Clegg, who last week joined Facebook. "We will consult on the detail to ensure that we get it right to ensure that the United Kingdom remains the best place to start and scale up a tech business".

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