Finally, I argue that whilst there are still routes open to those who seek to avoid paying tax at the 50p rate which do have potential to undermine the revenues that it could raise this loss of income to the Exchequer is not inevitable. These routes could be easily closed if the political will existed to introduce both a comprehensive general anti-avoidance principle in UK tax law and to tackle the issue of personal service companies to ensure that the profits of these companies were assessed on their owners at the time they arise and not at the time that they are paid out to them, as now.
Well, yes, I\’m sure that\’s true. But it also isn\’t the point at issue. Which is, under our current tax system is the 50 p rate raising revenue or not?
The answer that \”if we stop everyone doing what I did for a decade it will\” isn\’t all that convincing really.