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tax loophole

   Also found in: Financial 0.01 sec.

tax loophole

Gap in the law that can be exploited to gain a tax advantage not intended by the government when the law was made.



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Byline: ANDREW GREGORY PRINCE Andrew sparked outrage last night by backing a tax loophole that will see his "mega-rich pals" pocket millions.
He said: "My priority is to cut tax for those on low and middle incomes, paid for by closing tax loopholes and privileges enjoyed by the relatively wealthy.
The cuts are part of the administration's revenue proposals under the 2010 budget that also aims to close hundreds of billions of dollars in tax loopholes, including 31 billion dollars in tax breaks for oil companies and 86.
 
 
 
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