Financial Crime: Legislation

Lord Mackay of Clashfern Excerpts

Thursday 17th March 2011 Lords Chamber

[Lord Mackay of Clashfern]

My Lords, I have sat through this debate and found it extremely interesting. I took part in the proceedings on the Bribery Act, and I would certainly like to see it brought into effect as soon as possible. It was passed with support from all parties in its present form.

I am an honorary fellow of the Chartered Institute of Taxation. I think that I am right in saying that this House struck a very strong blow against tax avoidance in a case called Ramsay some years ago when it said that artificial transactions were to be ignored when it came to assessing the tax of a company or an individual. I just wonder what has happened to that principle. Has it been submerged by the terrific complication in the tax statutes that has taken place over recent years?