Osborne may need to rethink anti-tax avoidance measures
Previously describing tax avoidance as “morally repugnant”, Osborne has commendably acknowledged the extent of the problem as a drain on public finances. Unfortunately the key weapon in Osborne’s arsenal to tackle the problem – the General Anti-Abuse Rule (GAAR) – is far too narrow to prevent the major headline-grabbing schemes which have emerged in recent months.