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Do we want a general anti-avoidance rule? DAVID KIRK thinks not
KEY POINTS
- A suitable quid pro quo for the GAAR?
- Importance of a clearance system.
- What is reasonable tax planning?
- Effect of a GAAR on income shifting – Arctic Systems.
- Corresponding non-abusive arrangements.
We are all in favour of a general anti-avoidance rule (GAAR) are we not? At least we are in public: it is very difficult at a time of financial stringency to be defending tax avoidance.
Any criticism of steps taken to counter it particularly from tax consultants can easily be seen as special pleading.
It is against this background that comment on the report by Graham Aaronson QC has been somewhat muted and there is a danger that the GAAR could slip in without proper scrutiny.
This would be a pity ...
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