SOUNDBITES 2016 -2017


Who said what, and when and where they said it, at ITPA meetings in 2016-17.


SOUND BITES


TAX PLANNING IN THE NEW CLIMATE Avoidance and advantage are comparative concepts. An ‘advantage’ can’t exist on its own: there has to be something less advantageous you can compare it with. So also with ‘avoidance’. Consider the sentence, “You can take the autoroute to Nice Airport and avoid the Promenade des Anglais.” That tells us that there is another route, which goes along the Promenade des Anglais. It may be the shorter route. And were it not for the heavy traffic at the height of the season, you would take it. But you can go a longer way round and so avoid the traffic. To put it in general terms: if there is a Route A which avoids, there has to be a Route B which may be the shorter route to the same destination but doesn’t avoid. If you took the wrong turning on the autoroute and went instead to Ventimiglia, you wouldn’t say, “I found a way to get to Ventimiglia, avoiding the Promenade des Anglais”, because there is no route from here to Ventimiglia which includes the Promenade des Anglais. The same is true of avoiding tax. If I engage in a transaction by which I avoid tax, that is my Route A, and it posits the existence of a Route B, which may be the obvious way to go but would involve a higher tax liability.


MILTON GRUNDY, MONTE-CARLO, JUNE 2017


There is, for example, no tax on unrealised capital gains, (e.g.) if I buy leases at peppercorn rents, or shares that declare no dividend, and wait for them to increase in value. This is a proposition which people find easy to accept when the assets in question are blocks of flats in Mayfair, but more difficult to accept where the investments purchased are units in a unit trust in the Cayman Islands.


MILTON GRUNDY, MONTE-CARLO, JUNE 2017


INVASION OF PRIVACY


AGGRESSIVE TAXATION AND


In terms of capital gains tax, Ireland could …be an interesting jurisdiction for non-Irish individuals settling property on Irish- managed trusts. PAOLO PANICO,


CYPRUS, MARCH 2017


032


THE ITPA GREEN BOOK 2018 www.itpa.org


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