Published on 25 Mar 2011 • United Kingdom |
"This year's Budget proves again that the UK does not need a GAAR. The UK does need certainty in its tax system, which is incompatible with a GAAR ... There is a market for tax-leveraged products from promoters which should be protected but products can be found which are more like punts on the tax system. These are better dealt with by changing the economics of the punt than by institutionalising uncertainty under a GAAR".
"Evasion and avoidance were obvious targets for the cash strapped Chancellor but straightened circumstances just like hard cases do not necessarily result in good law.... What is needed is education - education of officers at HMRC at all levels on construction of statute and the Rule of Law."
" ... to do away with the 2% REIT entry charge is stunning and must be seen as a very bold move on the part of the government to encourage more companies to join the regime ... it is possible that investors will think very seriously about repatriating property taken offshore in the last 5 years or so".
"It is hugely disappointing that the government and revenue appear to have decided to press ahead with their proposed new rules in broadly the form originally suggested, in the face of very vocal opposition from many corners ... If ever there was legislation that goes contrary to the government's mantra of predictability, stability and simplicity, it is this ... The proposed legislation should be torn up and a narrow anti-avoidance rules applied while the revenue decides what the real menaces to be targeted should be. I, for one, have little hope that common sense will prevail."