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A Budget To End All Tax Avoidance?

Stephen Edge Slaughter and May discusses the new proposals which he sees as an attempt to break a vicious circle
The undoubted highlight in City terms of the Budget statement was the announcement of proposed rules on the disclosure of tax avoidance schemes. Many people saw these immediately as an extension to the UK of the tax shelter regime in the US but it is clear that they are potentially of much wider scope than that. If implemented as proposed in the Budget day press release they could pick up much more than promoted and aggressively marketed tax avoidance schemes and could give rise to huge administrative problems for UK corporates obliged to examine every transaction they do which has UK tax implications to see whether or not it needs to be...

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