The UK press is full of indignation about the tax affairs of various high profile individuals. This has spawned a debate about tax avoidance, tax evasion, and morality – and a call for people to pay “the right amount of tax”. Unfortunately the whole issue has become debased by political sound bites and the rights and wrongs have been completely overridden by the amounts involved. All that seems to matter is the size of the figures. Peter Vaines maintains that we need to do better than that, and we need our leaders not to pander to the absurdity which says that people must pay more tax.
*This article was first published in Issue 229, September 2012 of Offshore Investment Magazine