Tax Doesn't Have to Be Taxing: London's ‘Onshore’ Finance Industry and the Fiscal Spaces of a Global Crisis

Thomas Wainwright
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Thomas Wainwright: Small Business Research Centre, Kingston University, Kingston Hill, Kingston Upon Thames, Surrey KT2 7LB, England

Environment and Planning A, 2011, vol. 43, issue 6, 1287-1304

Abstract: 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.

Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:sae:envira:v:43:y:2011:i:6:p:1287-1304

DOI: 10.1068/a43528

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