In Focus - UK tax - Chronicle of a death foretold

There is a sense of deja vu about the sudden tax changes in the UK last week. The government ostensibly clamped down on so-called sideways loss relief, whereby a wealthy individual could offset tax against accounting losses recorded by a partnership. It was a loophole that spawned what became known as Gaap (Generally Accepted Accountancy Principles) schemes and was used by many industries to attract wealthy investors.