At around £53 billion a year, corporation tax raises much less for the UK Treasury than income tax (£175 billion), VAT (£143 billion) or National Insurance (£130 billion).
Whilst existing analysis to date has considered what the potential negative impacts or “risks” of irresponsible tax behaviour are, in general, responsible tax behaviour is viewed as a "hygiene factor" rather than something which is integrated within wider corporate strategy.
Although the public debate on tax is now a long running topic of interest, there is still no clear consensus between tax commentators and tax practitioners alike on the core issue of where the dividing line between authentic tax planning strategies and tax avoidance comes.
If we query the justice and efficacy of the tax and benefits systems in isolation from the wider socio-economic and cultural picture, we will never arrive at an accurate assessment of its fitness for purpose.
The reverberations from successful populist movements have not just caused earthquakes in the political class – they could also lead to a seismic shift in tax systems in the West’s economies.
The Chancellor this week was at great pains to stress that he wanted to create a ‘fair’ tax system. In itself this is hardly surprising... But ‘fair’ is one of those loaded words which depends on where you are standing.