Tax Planning - the Good, the Bad and the Ugly

Outrage in the press can cause confusion about the process of tax planning. The nuanced relationship between the spirit and the letter of the law, and wider issues such as the conflict between disparate national tax systems and competitive international trade are therefore often missed. This report gives detailed examples of tax planning involving both multinationals and private individuals.

Scope

This report analyses taxation in the context of international trade, international law and international business.

A review is made of multinational tax planning arrangements, providing an explanation of the major issues of Base Erosion and Profit Shifting.

Specific examples of corporate and individual tax planning arrangements are given, from a UK perspective.

An analysis of the spirit and the letter of the law is included to provide further context in relation to tax planning arrangements.

Reasons to buy

Why have issues around the tax planning arrangements of multinational corporations arisen

How is tax planning carried out

How does the nature of tax law affect companies and individuals

What changes can be expected in terms of the way companies operate with respect to their tax arrangements

Table of Contents

TABLE OF CONTENTS

Overview 2

Catalyst 2

Summary 2

Taxation in Context 6

International Political Economy 6

International trade 6

International tax law 7

International ...

TABLE OF CONTENTS

Overview 2

Catalyst 2

Summary 2

Taxation in Context 6

International Political Economy 6

International trade 6

International tax law 7

International business 7

Multinational Corporations 8

Operating in a competitive world 8

Multinational Tax Planning - Base Erosion and Profit Shifting 8

Consequences 9

National Corporations – a UK Perspective 10

The UK tax system – a brief introduction 10

Corporate Tax Planning in the UK 10

Individuals – a UK Perspective 14

Privacy and Wealth 14

The tax planning continuum 14

Identity and information protection 14

Wealth retention 15

The Spirit and Letter of the Law 17

Fair Share vs. Legal Share 17

Case and Statutory Law 17

HMRC powers 17

Conclusions 19

A continually changing complex continuum 19

Appendix 20

Definitions 20

Sources 20

Further Reading 22

Ask the analyst 23

About MarketLine 23

Disclaimer 23

LIST OF TABLES

Table 1: Corporation tax rates of OECD member countries – highest rate applicable (2013) 6

Table 2: Personal income tax rates of OECD member countries – highest rate applicable (2013) 7

Table 3: Example of simplified tax liabilities 11

TABLE OF FIGURES

Figure 1: Example diagram of an EFRBS tax planning structure 12

Figure 2: ACL Blair - Windrush Structure 15

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