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It covering both theoretical and practical aspects of tax systems. It begins with an introduction to taxation, discussing its role in society, objectives (revenue generation, redistribution, economic regulation), and classifications (direct vs. indirect taxes). The notes explore Adam Smith’s Canons of Taxation (efficiency, certainty, convenience, and equity) and their application in modern tax systems, including the Mirrlees Review, which critiques the UK tax system and proposes reforms for neutrality, progressivity, and simplicity. The document also covers the UK tax law-setting process, the role of the Office for Budget Responsibility (OBR), and the influence of the EU, voters, and taxpayers on tax policy. It concludes with discussions on tax avoidance, the General Anti-Abuse Rule (GAAR), and the moral implications of tax planning. The material is designed to help students understand the economic principles behind taxation and the complexities of tax policy in the UK.
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