No, really, quite, quite, gorgeous.
As he says, the sort of thing this GAntiP would crack down upon is the following:
The idea behind a General Anti-Avoidance Principle is simple: it would say that if one or more steps are added into a series of transactions with the sole or principle aim of securing a tax advantage (which is defined as a saving in tax) then that step in the transaction is ignored when it comes to calculating the tax due on the transaction. In other words, it tackles pre-meditated attempts to subvert the intention of the tax system that might artificially exclude income from account for tax or that provide tax reliefs that do not reflect the substance of the transactions otherwise undertaken.
Transactions this might tackle include:
Income shifting between spouses;
Recategorisation of the payment of labour reward from companies as dividends, so avoiding national insurance;
Now, who do we know who has used company tax law in, at least in my opinion, in this manner?
Oh, yes, that would be Richard Murphy, retired accountant from Wandsworth and writer of papers for the TUC, wouldn\’t it?
Altogether now children, can you say \”hypocrite\”?