Secretary of State for Digital, Culture, Media and Sport, Matt Hancock, has declared that technology businesses face tighter regulation in the UK, so tech can be harnessed “for the good of the people”, while taxes are redesigned to ensure “big tech companies play fair and pay an appropriate amount of tax”.
The comments come amidst claims that Facebook data of around 50 million users was taken without their permission and used by Cambridge Analytica. The Culture Secretary says the “Wild West for tech companies is over”, as he warns that tech giants face more regulation to protect people’s data.
“Freedom operates within a framework,” he says. “The liberal values of cherishing freedom whilst protecting the freedom of others is the new approach we’re taking and the argument we’re making in the UK is getting global resonance.”
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Our diverse team of tax professionals are also committed to ensuring that your tax reporting obligations are fully satisfied and that every opportunity to lawfully exploit tax savings is made known to you, restructuring your affairs in a tax effective and efficient way.