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Medientyp:
E-Artikel
Titel:
Tax Doesn't Have to Be Taxing: London's ‘Onshore’ Finance Industry and the Fiscal Spaces of a Global Crisis
Beteiligte:
Wainwright, Thomas
Erschienen:
SAGE Publications, 2011
Erschienen in:Environment and Planning A: Economy and Space
Sprache:
Englisch
DOI:
10.1068/a43528
ISSN:
0308-518X;
1472-3409
Entstehung:
Anmerkungen:
Beschreibung:
<jats:p> 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. </jats:p>