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How does religion impact leadership today? What are the opportunities and pitfalls for society at large? How can we constructively engage with religion?
These questions lie at the core of this project. In order to answer them, we conducted a 18-month study that involved a literature screening, over 30 interviews with religious leaders of secular organizations in Germany, and a workshop with 15 carefully selected leaders from diverse sectors with a Jewish, Christian, and Islamic background.
The result: Religion plays a decisive role for many leaders and organizations, yet is a taboo in much leadership research and practice. Like leadership, it is both deeply personal and profoundly social. Importantly, religion is a double-edged sword that can cause both harm and good in leaders and beyond. We identify four pitfalls and four opportunities. If its pitfalls are overcome and opportunities embraced, it can be an anchor and compass for individuals, organizations, and societies in a complex world. Five ways forward are outlined.
‘Stranded assets’, where assets suffer from unanticipated or premature write-offs, downward revaluations or
are converted to liabilities, can be caused by a range of environment-related risks. This report investigates the
fossil fuel divestment campaign, an extant social phenomenon that could be one such risk. We test whether
the divestment campaign could affect fossil fuel assets and if so, how, to what extent, and over which time
Divestment is a socially motivated activity of private wealth owners, either individuals or groups, such as
university endowments, public pension funds, or their appointed asset managers.1 Owners can decide to
withhold their capital—for example, by selling stock market-listed shares, private equities or debt—firms
seen to be engaged in a reprehensible activity. Tobacco, munitions, corporations in apartheid South Africa,
provision of adult services, and gaming have all been subject to divestment campaigns in the 20th century.
Building on recent empirical efforts, we complete two tasks in this report. First, we articulate a theoretical
framework that can evaluate and predict, albeit imperfectly, the direct and indirect impacts of a divestment
Second, we explore the case of the recently launched fossil fuel divestment campaign. We have documented
the fossil fuel divestment movement and its evolution, and traced the direct and indirect impacts it might
generate. In order to forecast the potential impact of the fossil fuel campaign, we have investigated previous
divestment campaigns such as tobacco and South African apartheid.
In July 2012, the government of the United Kingdom (UK) initiated the Balance of Competence Review, which aims at examining the impact of the UK’s membership in the European Union (EU) on its national interests. The review covers several substantive areas of EU competence and is divided into four semesters. This submission has been written in response to the Call for Evidence in relation to tax matters, which was issued by the HM Treasury in November 2012 (Semester 1). The analysis draws attention to the problematic legal and practical issues in the division of competences between the EU and the UK in the field of taxation. It primarily focuses on direct taxation. However, many competence issues discussed in this evidence, such as those related to the procedural and substantive conditions defining the use of the enhanced cooperation procedure, apply equally in a wider tax policy context.
The aim of this paper is to survey the “hard” evidence on the effects of subjective well-being. In doing so, we complement the evidence on the determinants of well-being by showing that human well-being also affects outcomes of interest such as health, income, and social behavior. Generally, we observe a dynamic relationship between happiness and other important aspects of our lives, with influence running in both directions. We also discuss the moderating, mediating, and evolutionary dynamics of human well-being.
This study provides an overview of the practical measures OSCE participating States can take to promote ethical behaviour among politicians.
It was undertaken by ODIHR with the fundamental objective of developing a practical tool that draws upon academic research and practical experience in OSCE participating States. The aim of this study is to identify the main concerns and possible obstacles that need to be considered while reforming, developing and designing parliamentary standards of conduct, in- cluding, but not limited to, codes of conduct. In the fast-changing field of parliamentary ethics, this publication favours a snapshot approach of currently existing codes of conduct or ethics in the OSCE region over rigorous cross-country analysis. The cases selected are skewed towards countries where such codes exist.
This Background Study: Professional and Ethical Standards for Parliamentarians was produced to be a comprehensive but practical publication that analyses how to build and reform systems that set professional and ethical standards for Members of Parliament (MPs) and regulate their conduct to ensure that those standards are met.
This paper has been written with the intention of helping new entrepreneurs in British Columbia to quickly understand Government Funding and the opportunities it offers. Research for this paper consisted of extensive data collection of funds available at present and interviews with current entrepreneurs who have made use of these funds. The goal was to understand what the different forms of non-dilutive, non-debt funding
are and what the experiences of entrepreneurs have been. With this information in hand, a conceptual framework was developed for entrepreneurs to use when first
approaching Government funding and when approaching different funds for the first time. The experiences of current entrepreneurs have been integrated into the paper as a whole, but responses that were received from multiple entrepreneurs are highlighted throughout the text. The first section of this paper describes non-dilutive funding and its different forms.
The second section presents a conceptual framework which provides an entrepreneur with a way of approaching Government funding from the initial information gathering
on the different sources, to the more focused research on the applicable funds, to important considerations when applying for funding.
In summer 2012 the National Audit Office (NAO) commissioned the Oxford University Centre for Business Taxation (OUCBT) to draw up an academic review of the Disclosure of Tax Avoidance Schemes regime (DOTAS) and the tax avoidance landscape. The academic review formed part of the evidence base behind the NAO’s report: “Tax avoidance: tackling marketed avoidance schemes” (November 2012). The NAO’s report “examines the effectiveness of the DOTAS regime and HMRC’s response to marketed tax avoidance schemes, particularly those used by large numbers of individuals and smaller businesses.”
The review produced by the OUCBT consisted of three papers on tax avoidance generally, DOTAS and the Tax Gap. These papers, with minor amendments, are being made available here as a matter of public record.
Nothing stated here should be taken to represent the views of the NAO.
The project’s findings converge on a core theme, namely that the most important aspect of innovation, in the context of risk, is that there are no historical metrics to determine its impact on the world. Therefore, the industry needs to pay special attention to the ways in which its mechanisms for assessing and managing risk should be adapted to take better account of innovations. Another important finding is that the post-launch management of an innovation, including “downstream variants” and new applications, is more relevant, in many cases, than the original innovation itself. In this respect, this project is very much in line with and relevant to the theme of the World Economic Forum Annual Meeting 2012 – The Great Transformation: Shaping New Models. As well as capturing the current economic and geopolitical situation, that theme also looks to ensure that our future is one of inspired collaboration and bold solutions to the global, regional and industry challenges and not are turn to the status quo.
A new two-year Foresight study The Future of Computer Trading in Financial Markets - An International Perspective, sheds new light on technological advances which have transformed market structures in recent years. It assembles and analyses evidence on the effect of HFT on financial markets looking out to 2022.The aim of this project is to make a significant contribution to the challenges computer-based trading brings in the coming years and capitalise on the opportunities it has to offer.
The independent and international study has involved 150 leading experts from more 20 countries to provide the best possible analysis on computer trading to date. Sponsored by Her Majesty's Treasury, the project was led by the Government Office for Science under the direction of the Government's Chief Scientific Adviser, Professor Sir John Beddington. It has involved leading experts in the field and explores how computer generated trading in financial markets will evolve over the next 10 years.A High Level Stakeholder Group, comprised of senior individuals from relevant institutions, provided strategic oversight for the project and advised on the key issues to be addressed. It was chaired by the Financial Secretary to the Treasury, Greg Clark MP.
Between 1945 and 1995 the British trade union movement experienced a series of "highs and lows"; membership grew and declined, and there were associated shifts in unions` bargaining power vis a vis employers and in the influence exercised over Governments. These changes in unions` fortunes will be discussed by reference to three distinct periods:
- 1946 to 1969: Relative Stability;
- 1969 to 1979: Radical Growth and Strikes;
- 1979 to 1995: Radical Decline and Re-Organization.
Three themes will be explored in each period:
- Changes in Unions` Job Territories;
- Key Changes in the British Unions` Context;
- Unions` Organizational and Internal reforms.
Throughout all three periods, but not examined in any detail, unions continued to meet their individual members` "bread and butter" interests by:
- supporting members in disciplinary hearings;
- processing members` grievances;
- protecting members against discrimination;
- providing, legal aid and representation at Industrial Tribunals;
- offering a wide range of Educational Services via the individual union and the TUC;
- providing a range of friendly benefits.
In addition most unions sought to exercise political influence over such issues as labour legislation and economic policy through affiliation to the TUC and in many, but not all cases, affiliation to the Labour Party.
A report due to be launched on 17th May by Transparency International UK reveals that the system for regulating the ‘revolving door’ between government and business is broken and needs a radical overhaul.
The suggestion that there should be more transparency in the reporting of financial data by multinational corporations, and more specifically, that their financial data should be
reported country by country, has been debated now for a number of years. The European Commission has conducted a public consultation on financial reporting on a country-bycountry basis by multinational companies. The OECD Informal Task Force on Tax and Development decided to take up the challenge of channelling this debate in the context
of tax and development. The Oxford University Centre on Business Taxation was invited to lead a group of tax experts and practitioners to analyse the fundamental propositions
which underlie the discussion.
This report forms part of the output of the Oxford University Centre for Business Taxation, based in
the Saïd Business School. The work was financed partly by a grant from the ESRC (grant RES-060-
25-0033), and partly from donations from a number of UK companies, members of the Hundred
Group. The full list of corporate donors is provided on the Centre’s website, at www.sbs.ox.ac.uk/tax.
The research draws on anonymised, confidential, corporation tax CT600 returns for a very large
number of companies over the period 2001/02 to 2007/08. We are very grateful to the HMRC for
giving us access to these data. Our use of these data represented a pilot project for a new Datalab
which HMRC is now making available to researchers more generally. We are grateful to the staff of
the Datalab for their help and support, and in particular, to Aliya Saied, the manager of the Datalab.
We would also like to thank staff of HM Treasury and HMRC for comments on an earlier draft of this
This report assesses the current competitiveness of the UK corporate tax system relative to other G20 countries. We measure competitiveness using two widely employed indicators: the effective average tax rate (EATR) and the effective marginal tax rate (EMTR). Theory and empirical evidence indicate that the EATR is relevant for the location of discrete investment projects, while the EMTR is relevant for the level of investment, given its location. Both the EATR and the EMTR depend on the statutory tax rate and the definition of the tax base; the EMTR depends more heavily on the tax base.
On 10 November 2011 the EU Court of Justice handed down its eagerly anticipated judgement on two cases referred by the UK courts involving the Rank Group plc and Her Majesty’s Revenue and Customs (HMRC). The disputes arose in the context of gaming activities, namely bingo and slot machines, and raised significant questions over the
application of the principle of fiscal neutrality. The EU Court of Justice ruled that, where two gaming services are comparable from the point of view of the average customer and meet the same needs of that customer, under the principle of fiscal neutrality, they must be regarded as similar and receive the same treatment for VAT purposes. Whilst the decision has obvious implications for the interpretation of the gambling exemption, it will
most likely also have far more reaching implications for the application of the principle of fiscal neutrality to VAT exemptions more generally, as well as to other areas of the tax such as rates’ structures.
The objective of the BC Angel on-line survey was to gather data on angel investing and to analyze the BC angel investment community, individual and organized investors, their composition (diversity), motivations, investment preferences and modus operandi. The survey also focused on individual and organized angel investors who invest in companies that qualify for the tex incentive schemes of the BC government. The on-line survey was analysed to provide further insight into the economic effects of the BC's Equity Capital Program (ECP), best practices within the program and to provide suggestions for program improvement.
The objective of this study is to evaluate the economic impact of the venture capital program (VCP) in the province of British Columbia. The study focuses on the economic and financial performance of the companies in the program, including a comparison of the tax credits received versus the taxes paid by these companies.
This report summarises the output of a six-month, exploratory project that brought together an interdisciplinary network of leading academics and EEF member companies to address the question: ‘What are the barriers to the adoption of high performance work practices in manufacturing firms and how can they be overcome?’
This report is based on a research project funded by the GMC/ESRC Public Services Programme entitled „The Visible and Invisible Performance Effects of Transparency in Professional regulation‟. The research compared the effects of regulation for doctors with developing regulation for psychotherapists and counsellors (as outlined in the 2007 White Paper „Trust, Assurance and Safety: The regulation of health professionals‟). We summarise here some of the key findings in our study focusing on issues that are relevant to the HPC consultation on the regulation of counsellors and psychotherapists.
We conducted 50 formal interviews and 22 informal scoping interviews with regulators and other officials, representatives of professional bodies, patient representatives, doctors (GPs and psychiatrists), psychotherapists and counsellors. In addition we observed Health Professionals Council (HPC) Professional Liaison Group (PLG) Meetings for Psychotherapists and Counsellors, as well as for Psychologists. We also observed four professional conferences on the regulation of counselling and psychotherapy. Finally we conducted a stakeholder workshop where we presented our provisional findings to a group including those involved in regulating psychotherapy and counselling at the national level and practising psychotherapists and counsellors, to validate our results.
We present our findings as follows. First we examine the way that doctors (GPs and psychiatrists) said that current forms of regulation affected their practice. Although their practice and context differ from those of psychotherapists and counsellors, their experience highlights a number of issues and questions about professional regulation, which we believe should be considered in the future regulation of psychotherapists and counsellors. Second, we examine the experiences of psychotherapists and counsellors working in the NHS, voluntary and independent sectors. In particular, we focus on a large, integrated NHS mental health service, whose work is influenced by the local development of an Improving Access to Psychological Therapies (IAPT) service.
Again, although these experiences do not reflect the wider contexts of psychotherapists and counsellors per se, they do shed light on the effects of a more regulated mental health context. Third, we briefly highlight what we regard to be an emerging assemblage of regulatory processes in the field of psychotherapy and counselling. Whilst the question of regulation is ostensibly restricted to the present focus of the HPC PLG, we draw attention to what we believe are important wider forces shaping this process. Finally, we draw conclusions and make some recommendations designed to inform the development of future regulation.
Our research is a relatively small scoping study based upon a limited number of interviews and observation. We do not claim that the findings outlined in this report are representative of the whole field of psychotherapy and counselling. However our research does reflect how regulation is perceived in different contexts, it may indicate how future regulation would be interpreted and implemented in practice, and suggest some of its potential visible and invisible effects.
Geoengineering, or the deliberate large-scale manipulation of the planetary environment to counteract anthropogenic climate change, has been suggested as a new potential tool for addressing climate change. Efforts to address climate change have primarily focused on mitigation, the reduction of greenhouse gas emissions, and more recently on addressing the impacts of climate change—adaptation. However, international political consensus on the need to reduce emissions has been very slow in coming, and there is as yet no agreement on the emissions reductions needed beyond 2012. As a result global emissions have continued to increase by about 3% per year (Raupach et al. 2007), a faster rate than that projected by the Intergovernmental Panel on Climate Change (IPCC) (IPCC 2001)7 even under its most fossil fuel intensive scenario (A1FI8) in which an increase in global mean temperature of about 4°C (2.4 to 6.4°C) by 2100 is projected (Rahmstorf et al. 2007). The scientifi c community is now becoming increasingly concerned that emissions will not be reduced at the rate and magnitude required to keep the increase in global average temperature below 2°C (above pre-industrial levels) by 2100. Concerns with the lack of progress of the political processes have led to increasing interest in geoengineering approaches. This Royal Society report presents an independent scientifi c review of the range of methods proposed with the aim of providing an objective view on whether geoengineering could, and should, play a role in addressing climate change, and under w
This report adopts an applied general equilibrium model for the EU27 to study the economic implications of a common corporate tax base in the European Union, either or not combined with consolidation and formula apportionment. The analysis of the common corporate tax base (CCTB) centres around the issue of base broadening versus rate reduction. It emphasises the trade-off between, on the one hand, a low effective marginal tax rate, which minimises distortions in investment and, on the other hand, a low statutory corporate tax rate, which minimises multinational profit shifting to outside locations.
The simulation outcomes suggest that the CCTB with a broad base and a reduction in the tax rate will not raise welfare in Europe. In fact, in a world without tax havens and location choice such reform would harm welfare in the EU. However, if tax havens and location choices between the US, Japan and the EU are taken into account, base broadening cum rate reduction will reduce profit-shifting vis-à-vis tax havens and the EU will be able to attract new firms by a lower average effective tax rate, so that welfare in the EU will remain constant on average. For individual member states, who benefit from profit shifting and discrete location, this tax reform may be beneficial. European wide coordination mitigates fiscal spillovers via profit shifting and discrete location within the European Union, which renders high statutory corporate tax rates less distortionary.
The common consolidated corporate tax base with formula apportionment (CCCTB) has further implications via compliance costs, the allocation of capital and multinational profits and via the consolidation of losses. Although the debate has not settled yet, we assume in the simulations that consolidation involves a reduction of compliance costs, which benefits all participating countries. Consolidation and formula apportionment affect welfare via an elimination of profit shifting and by replacing existing distortions in capital export neutrality by a distortion induced by the formula factors. The latter render corporate taxes effectively excises on these factors. For individual countries, however, consolidation and formula apportionment does have welfare effects. The consolidation of losses reduces the tax burden on firms, which may yield economic benefit for the EU. Yet, if the reduction of tax revenues is compensated by higher corporate tax rates, this positive effect disappears. Overall, consolidation and formula apportionment tend to yield small welfare gains for the EU on average, but this gain is unevenly distributed across countries.
This report explores the economic implications of an allowance for corporate equity (ACE), a comprehensive business income tax (CBIT) and a combination of the two in the EU. We illustrate the key trade-offs in designing ACE and CBIT in the presence of tax distortions at various decision margins of firms, such as its financial structure, investment, profit allocation and discrete location. Using an applied general equilibrium model for Europe, we quantitatively assess the effects of ACE, CBIT and combined reforms in EU countries. The results suggest that ACE is welfare improving as long as corporate tax rates are not used to cover the cost of base narrowing. CBIT typically reduces welfare by exacerbating marginal investment distortions. When governments adjust statutory corporate tax rates to balance their budget, however, CBIT reforms become more attractive while ACE reforms are welfare reducing in a number of countries. European coordination of reforms mitigates fiscal spillovers within the EU and renders ACE reforms more, and CBIT reforms less, attractive for welfare. A combination of ACE and CBIT reforms can be designed to be revenue neutral and welfare improving through smaller financial distortions.
Managing tomorrow’s people is a report about the future of people management and the issues that might arise in 2020. Developed by specialists from PricewaterhouseCoopers Human Resource Services practice using scenarios methodology, it documents three possible worlds of the future.
Each world is examined from a business context along with the potential people management issues that might arise. It also contains results from a global survey of 3,000 ‘millennials’ from the US, China and the UK who represent a generation just joining the workforce, to test their views and expectations on the future of work. Managing tomorrow’s people: The future of work to
Most frameworks for ‘Corporate Social Responsibility’ posit stakeholder dialogue as essential tool for firms to be in touch with society’s needs and expectations. Successful and sustained dialogue requires integrity and some degree of mutual understanding and accountability. This case describes a situation in which achieving mutual understanding between a firm and environmental groups was not possible. Radical innovation led to re-organization, and this process undermined the firm’s integrity in that period. Moreover, not all environmental groups successful in influencing public opinion can claim the necessary integrity for such dialogue.
Second, corporate and environmental groups used disparate modes of cognition, relying on different principles for establishing and verifying truth. In instances where a group’s identity and strategic objectives are deeply linked to just one mode of thought, self-reflection and understanding of the other may be too difficult. Dialogue with ‘translators’ may then be one option.
The Supplementary Green Book Guidance on Optimism Bias (HM Treasury 2003) with reference to the Review of Large Public Procurement in the UK (Mott MacDonald 2002) notes that there is a demonstrated, systematic, tendency for project appraisers to be overly optimistic and that to redress this tendency appraisers should make explicit, empirically based adjustments to the estimates of a project’s costs, benefits, and duration. HM Treasury recommends that these adjustments be based on data from past projects or similar projects elsewhere, and adjusted for the unique characteristics of the project in hand. In the absence of a more specific evidence base, HM Treasury has encouraged departments to collect data to inform future estimates of optimism, and in the meantime use the best available data. In response to this, the Department for Transport (henceforth DfT), has contracted Bent Flyvbjerg in association with COWI to undertake the consultancy assignment "Procedures for dealing with Optimism Bias in Transport Planning". The present Guidance Document is the result of this assignment.
In recent years, a “third mission” pursued by universities, i.e. knowledge transfer to industry and society, has become more important as a determinant of enhancements in economic growth and social welfare. In the vast world of technology transfer practices implemented by universities, the establishment and management of university venture capital and private equity funds (UFs) is largely unknown and under-researched. The focus of this work is to provide a detailed description of this phenomenon from 1973 to 2010, in terms of which universities set-up UFs, their target industries and the investment stages of portfolio companies, which types of co-investors are involved in the deals, and which are the determinants of UFs’ ultimate performances. The picture offers us the opportunity to draw some implications about the relevance of UFs in different contexts (i.e. Europe and the United States) and provide to interested stakeholders with some useful guidelines for future development.
This report, though practical in its orientation, has been written on the basis of data collected as part of a significant research study. IES carried out an evaluation of workplace health in the NHS in 1995 which collected data from employees in 14 NHS Trusts. Subsequent reanalysis of the data, coupled with a comprehensive review of the academic literature on sickness absence, has resulted in a series of findings about the common causes of sickness absence which lead, in turn, onto discussion about the management strategies most likely to reduce it. Statistical evidence and bibliographic references are confined to appendices in the interests of clarity and brevity.
Draws on the experiences of eight employers at different stages of their use of competencies. The practices of the five organizations using competencies for the performance review of their managers have been evaluated in detail by seeking feedback from 184 employees. The findings, illustrated by quotes from users, may serve to remind employers that competencies only exist because of their employees and their willingness to make them work.
The extent to which skill and competency-based systems used by work organizations in the United Kingdom may contribute to maintenance of the pay gap between men and women was examined through a review of the following: pertinent literature from the United Kingdom and United States; 15 published case studies; current Institute for Employment Studies research on assessment/measurement of competencies; and information from a workshop at which practitioners in large public and private organizations discussed issues in using skill- and competency-based pay and training systems. Among the study's main findings were the following: (1) women are more likely than men to undervalue the skill levels of their jobs; (2) although men and women managers do not differ greatly in the competencies they possess, women are consistently rated lower on leadership ability by managers; (3) the process of translating skills/competencies to individual performance criteria is complex and liable to gender bias; (4) performance appraisal remains the main method for assessing performance; and (5) skill-based pay is less likely to cover female employees. Areas for further research were also identified.
We have developed our proposals in the context of the current UK tax system, but our final report contains more general lessons for the taxation of savings and profits. The system that we describe is particularly appropriate for adoption within the European Union. We have used the current UK system to illustrate how, in practical terms, our objectives for savings and profits can be achieved. We show how our proposals produce over time a rational basis for taxing savings and profits.
At a conference on “Tax risk management: new approaches to tax compliance” on 15th May 2014 the Oxford University Centre for Business Taxation presented selected results from a survey on the relationship between HMRC and business.
The report, written by researchers Judith Freedman, Francis Ng and John Vella, details the responses to a 2013 survey on the relationship between HMRC and businesses sent to around 1,800 companies with 30 follow up face-to-face interviews. The survey follows on from a previous survey conducted by two of the three researchers in 2008. The 2013 survey covered co-operative compliance issues including the risk rating process and relationships with HMRC staff as well as dealings with tax disputes and the Litigation and Settlements Strategy.
Growing the UK auto supply chain is seen as an issue of the highest priority by the Automotive Council. This ‘sourcing roadmap’ provides an overview of current and prospective sourcing patterns in the UK automotive industry. It serves as the empirical grounding for determining and prioritizing activities by the Automotive Council to retain and build supply chain capabilities in the UK automotive industry.
The Automotive Council last year published a ‘sourcing roadmap’ (http://www.automotivecouncil.co.uk) to provide an overview of current and prospective sourcing patterns in the UK automotive industry. The aim was to serve as the empirical basis for determining and prioritising activities by the Automotive Council with the results revealing a significant opportunity to build, repatriate and retain supply chain capabilities in the UK automotive sector.
Following the 2011 report, automotive businesses have been pursuing these opportunities on a commercial basis with many making public statements about increasing local content. However the results also indicated a strategic opportunity to look beyond individual company demand to look at the aggregated purchasing power of the UK as a means to attract further investment. In order to take this forward the Automotive Council commissioned an update to the original report to take account of the significant recent investments by the sector and increased UK output.The basis of this new survey was to establish a robust list of critical parts -components and assemblies - which UK-based vehicle manufacturers were actively seeking to source from the UK.
The report was commissioned by the NAIGT Steering Group to provide an empirical basis of the UK’s competitive status and the key challenges the industry faces. More specifically, the remit of this report was to inform the work of the NAIGT with regards to (a), the contribution of the UK automotive industry to the national economy, (b), the industry’s competitiveness on several key indicators in relation to other countries in Western Europe, CEE and BRICii countries, in order to, (c), identify the key strengths and weaknesses of the UK motor industry.
This note is a response to the consultation on the corporate interest expense, published by HM Treasury on October 22, 2015. It reflects the views of the named authors, rather than the Oxford University Centre for Business Taxation, which has no corporate views. Our aim is to address the big picture regarding the nature of relief for the cost of finance. We do not offer answers to most of the questions raised in the consultation document, other than perhaps the first, on whether a general interest restriction should be introduced in the UK.