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Tax in the City

Steve Edge of Slaughter and May reflects on the shifting sands of tax avoidance since The Tax Journal's first issue
The article I wrote in The Tax Journal's inaugural issue was all about a technique Shearson Lehman had recently introduced in the US markets to turn share capital with non deductible dividend costs into debt capital with deductible interest and equity warrants attached. How things have changed!
The job of city tax advisers has also changed as transactions have become more complex and UK multinationals have spread their wings internationally whilst banking has become more global and cross-border tax structures have blossomed and waned.
Most recently perceived tax avoidance by banks and the proposed Code of Conduct have raised some interesting moral and...

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