The parties agreed that 'tackling tax avoidance is essential for the new government'. All efforts would be made to do so including 'detailed development of Liberal Democrat proposals'.
The Conservative manifesto did not refer to avoidance. The Liberal Democrats said their proposed increase in the personal allowance would be paid for partly by tackling tax avoidance and evasion claiming that anti-avoidance measures would raise some £4.5 billion — a figure questioned by the Institute of Directors.
Writing in Tax Journal (26 April) Vince Cable — now David Cameron's Business Secretary — said that if elected his party would introduce a general anti-avoidance principle (GAAP) together with a clearance procedure 'to ensure that people pay the amount of tax expected not just by the letter but by the spirit of the law'. Cable added: 'Without the GAAP the government will forever be one...
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The parties agreed that 'tackling tax avoidance is essential for the new government'. All efforts would be made to do so including 'detailed development of Liberal Democrat proposals'.
The Conservative manifesto did not refer to avoidance. The Liberal Democrats said their proposed increase in the personal allowance would be paid for partly by tackling tax avoidance and evasion claiming that anti-avoidance measures would raise some £4.5 billion — a figure questioned by the Institute of Directors.
Writing in Tax Journal (26 April) Vince Cable — now David Cameron's Business Secretary — said that if elected his party would introduce a general anti-avoidance principle (GAAP) together with a clearance procedure 'to ensure that people pay the amount of tax expected not just by the letter but by the spirit of the law'. Cable added: 'Without the GAAP the government will forever be one...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
