Consultation on principles-based approach to financial products tax avoidance | Practical Law
On 6 December 2007, HM Treasury and HM Revenue & Customs published a joint consultation paper on a principles-based approach to financial products tax avoidance. Such an approach involves a departure from the recent trend to create targeted anti-avoidance legislation. Instead, a principles-based approach involves legislation that is light on detail but that instead embodies a fundamental principle to which taxpayers should have regard when structuring their affairs.