A Dictionary of Taxation, Second Edition
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A Dictionary of Taxation, Second Edition

  • Elgar original reference

Simon James

This second edition of the Dictionary of Taxation contains over 200 new or substantially revised entries to enhance the existing wide range of accessible definitions and terms used to describe various aspects of tax and tax systems around the world.
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loophole

Simon James

An opportunity in the tax system for taxpayers to reduce their liability. The usual inference is that such opportunities were not the intention of those drafting the legislation. Nevertheless there may be some truth in Barry Bracewell-Milnes’ comment that an economy breathes through its tax loopholes. (‘Tax avoidance can be good news for the tax collector’, Daily Telegraph, 16th July 1979).