This week’s opinion

Last week I was delighted to attend a party to celebrate the centenary of Tolley and the launch of the specially written book that celebrates 100 years not only of Tolley but of the UK tax system itself. The high point was a charity auction in support of Bridge the Gap – guest auctioneer David Gauke MP showed that if he does ever have to step down as a Treasury minister he will have a new career opportunity wielding the gavel.

I was in reflective mood after the evening and had a look at Finance Act 1916. Much of it is war-dominated (such as reduced income tax rates for soldiers and sailors and tax relief for insurance premiums to cover war damage) and parts of it seem quaintly obscure (levies on mechanical lighters and dried fruits). But what struck me was legislation to allow the Revenue to look through companies...