The Progressive Tax Blog has a wonkish and thoroughly useful piece up explaining how to tackle some forms of UK tax abuse – including excessive interest rate deductions.
Recommended – and why not sent a copy to H M Revenue & Customs?
One Response to “Progressive tax blog explains the reforms needed to UK tax – to beat Boots and friends”
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Progressive Tax Blog has made some excellent contributions since it started up a week or two ago.
I support the move that we have seen – initiated by the last Labour Government – towards a territorial basis of taxing corporate profits. This is basically the approach taken by all of the major industrialised countries apart from the US.
I attended one of the Treasury consultation on the proposals, but I’ve not had the time I would like to fully think through work out the implications.
However, clearly there need to be proper anti avoidance measures in place to avoid profits being siphoned off as outlined by the Progressive Tax Blog.
That said, the suggestion that he or she outlines for a limitation on interest deductions seem to make a lot of sense.