SPEED READ The Emergency Budget set out a new approach to tax policy-making. There is a conflict between strategic, well-considered tax legislation and legislation which effectively counters tax avoidance. The possibility of a new general anti-avoidance rule is of interest in that context. The proposed corporation tax reduction is welcome but has an adverse impact on the value of deferred tax assets. De-recognition transactions are once again under attack. There is to be a deferral in the introduction of the new CFC regime.