COMMENT: Simplify the tax system to avoid future Jimmy Carr situations

June 22, 2012 5:50 PM

Writing for the Daily Telegraph Comment Matthew Sinclair argues that simplifying the tax system is the answer to restoring the legitimacy of the tax system.
For a long time Anglo-Saxons have had a stereotype of the feckless southern European who doesn’t pay his taxes. But with fresh stories of British tax avoidance cropping up almost every day, how long before those jokes start to sound hollow?
This week we have seen three different examples of tax avoidance: Jimmy Carr was benefiting from a scheme called K2 based on loans from an offshore trust. Take That singer Gary Barlow was using a music investment scheme which a tax adviser claimed was a big tax avoidance opportunity. And investors are reported to have been exploiting special reliefs put in place to help the British film industry.

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Writing for the Daily Telegraph Comment Matthew Sinclair argues that simplifying the tax system is the answer to restoring the legitimacy of the tax system.
For a long time Anglo-Saxons have had a stereotype of the feckless southern European who doesn’t pay his taxes. But with fresh stories of British tax avoidance cropping up almost every day, how long before those jokes start to sound hollow?
This week we have seen three different examples of tax avoidance: Jimmy Carr was benefiting from a scheme called K2 based on loans from an offshore trust. Take That singer Gary Barlow was using a music investment scheme which a tax adviser claimed was a big tax avoidance opportunity. And investors are reported to have been exploiting special reliefs put in place to help the British film industry.

Click here to continue reading the article

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