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11 April 2016

Did the Cameron family avoid inheritance tax?

A little two-step takes the Prime Minister into the realm of meaningful tax avoidance. 

By Jolyon Maugham

To avoid tax you have to do a thing which cuts your tax bill.

Fail to do that thing and your tax bill is higher. But do it and you’ve avoided tax compared with an alternative world – economists call it a counterfactual but you and I would call it an overdraft – in which your tax bill is higher.

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