General Anti-Avoidance Principle to be proposed in UK parliament

Michael Meacher MP, working with TJN's Richard Murphy, has tabled an anti-avoidance measure in the British parliament. From his blog:

"I am therefore tabling a general anti-avoidance clause of the kind that other countries have (notably Australia and, interestingly, Jersey) and which has been needed in this country for a long time. The basic idea is that if a transaction for which the taxpayer is liable has been constructed in such a way that the sole or main purpose, or one of the main purposes, is to reduce or eliminate tax liability, then that will not be taken into account in assessing the liability of the taxpayer."

The implications could be huge. Read more here.