This is a ludicrous position to take.
Cameron says the UK will not bail out Greece.
But we’ll offer more tax losses to the banks for their failure to recognise risk instead.
And those tax losses reduce our tax revenue.
Which amounts to much the same thing as bailing out Greece – except we pass the benefit to the banks instead.
So, if the UK banks take part in a bailout of Greece by taking a haircut on their loans to Greece, we are subsidising the banks if we don\’t tax them on the profits they don\’t make?
The only way this makes any sense at all is if all money really belongs to the taxman, we just being allowed to play with a little of it until he decides he wants it.
Wheras in the real world, you only pay corporation tax on your cumulative profits. Acummulate less profit, pay less corporation tax.
You\’d expect an accountant to get that really.