Last month's Tax Engine was, even by my standards, a little
bit of a rant. I'm normally only that bad after a particularly
tiring martini or after a slow, frustrating drive though country
lanes stuck behind a tractor or a Nissan Micra. Actually, I
don't mind the tractors so much as at least they have a job to
do, whereas the problem with Micra drivers is that they have
nothing to do, which is why they drive so pathetically. Anyway,
this month's Tax Engine is straight down to business - no funny
business, no chit-chat and no Nissan Micras.
So, the august body charged with investigating a General
Anti Avoidance Rule (GAAR) has reported its findings.
Graham Aaronson QC says, helpfully, in his introduction that 'a
broad spectrum general anti-avoidance rule would not be beneficial
for the UK tax system'. He correctly identifies the many good
reasons why such an approach would be harmful. He has, instead,
opted for what he calls a 'moderate rule' with all sorts
