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The hon. Gentleman is making his case extremely well, but surely he should be pushing at open door, given that the Red Book itself talks about changes
"to prevent avoidance of corporation tax using accounting 'derecognition' rules".
It also discusses tax avoidance involving "the creation" of certain things "for corporate investors", and mentions alternative investment funds, financial securities, inheritance tax on trusts and so on. There is also the possibility of a general anti-avoidance rule, as this is being considered informally by this Government as we speak.
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