After a letter from the chancellor was published by the Commons Committee that he wanted Barclays to change the law of imposing retrospective tax bills so he could claw back the £300 million, Andrew Tyrie has warned the Treasury not to use the "nuclear option”, says a recent report.
It has been found that the system involved two avoidance schemes, which as per the chairman Mr. Tyrie are adding to the already existing avoidance issues. "Before reaching for what some might consider the nuclear option of retrospection, we need to consider why the law is delivering so many unintended consequences", he said.
Two tax loopholes had even had to face closure since Barclays tried not to pay the millions claimed in dodges. Retrospection policy stands nowhere at par with the standard principles, which strengthen and buttress an internationally competitive as well as fair taxation system, according to Mr. Tyrie’s belief.
Further, it is being said by him that where complicated laws in banks have been creating opportunities for tax evasion. An "ill-defined" code of practice would act as an add-on i. e. would give a boost to this difficult-to-solve problem. Also, to force banks to register for badly drawn taxation guidelines may be an equally powerful factor in surging tax dodging.
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