Tax doesn't have to be taxing: London's 'onshore' finance industry and the fiscal spaces of a global crisis
Wainwright, Thomas (2011) Tax doesn't have to be taxing: London's 'onshore' finance industry and the fiscal spaces of a global crisis. Environment and Planning A, 43, (6), 1287-1304. (doi:10.1068/a43528).
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In this paper I will explore London’s onshore finance industry and how it facilitates corporate tax avoidance programmes. In doing so, I will discuss how financial elites design transactions and corporate activities so as to minimise their exposure to taxation, and how these structures are shaped by the international geographies of taxation. I will investigate an area of London’s financial sector that has previously been neglected by geographers and social scientists. Finally, I turn to illustrate how tax minimisation strategies are implemented, through the example of residential mortgage-backed securitisation, and how tax-minimisation strategies made securitisation a practical tool for financiers. This provides new insights into how taxation elites facilitated the increased financialisation of Britain’s economy and the severity of its exposure to the credit crunch.
|Digital Object Identifier (DOI):||doi:10.1068/a43528|
|Subjects:||H Social Sciences > HF Commerce
H Social Sciences > HG Finance
|Divisions:||?? uos2011-F1-TR-SI ??
|Date Deposited:||06 Jul 2012 08:22|
|Last Modified:||27 Mar 2014 20:23|
|RDF:||RDF+N-Triples, RDF+N3, RDF+XML, Browse.|
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