The Scottish parliament has published a report on its devolved taxing powers and how to tackle abuse.
It looks like the parliament has adopted a tough, realistic and appropriate approach to this issue, although, as ever the detail will be important. What's particularly welcome is its approach to a general anti-avoidance rule.
First it has adopted Westminster's half hearted and wholly ineffective General Anti-Abuse Rule approach.
Second, it's rejected any idea of a panel of tax industry experts having control of this process, as adopted in the UK General Anti-Abuse Rule, and third it is saying that the general anti-avoidance rule must be wide reaching, recommending:
introducing a rule to give the GAAR priority over any other legislative measures and international double tax arrangements.
That last is the key point. The UK General Anti-Abuse Rule backed off from this. Scotland is not going to do so. They're right. Westminster very definitely got it wrong.
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They will need to get tough, for when they vote yes they will need all the money they can get.
I agree
I understand your time is at a premium but bearing in mind the increasingly charged nature of the independence debate and your own high political profile I think you might need to flesh out what you are agreeing with and why in response to the first reply to this post.
Will try to do
I’m not sure about the high political profile though
Why? Constructive progressive unionist comment is non existent in the Referendum debate so fire away.
Hmmm, tax avoidance and all that. The Isle of Man is getting cosied in with Scotland these days and should be able to help Alex and Co. with a few things:
Example from Manx Radio “Scottish/Manx relationship developing well” http://www.manxradio.com/newsread.aspx?id=68905
Worrying — I agree
and tax havens in exotic destinations such as BVI, Cayman and England might be for the privileged few
And talk of Scotland having a competitive tax regime for businesses.
“Scotland will be tough on tax avoidance — and way ahead of Westminster…”
Is that before or after the United Kingdom does an ‘Ireland’ and cuts tax rates to give the UK an adavantage over Scotland to ensure jobs come to the UK and not Scotland?
I acknowledge that risk is real
‘introducing a rule to give the GAAR priority over any other legislative measures and international double tax arrangements.’
Does this mean that any relevant International treaties currently signed by the UK and others will now be overridden in Scotland?
No. It means their abiseuse will not be permitted
Which is something very different
… by lowering corporation tax according to the White Paper, which kinda defeats the purpose. Of course, it also advocates retaining Ster£ing in a currency union, so might be unworkable.
~alec