조세차익거래에 대한 규제제도 연구－영국의 사례를 중심으로－

Each of the countries in the world carried out independent investment incentives and deregulation policy such as promoting the capital transfers between countries and changing disadvantageous tax system to take superior position in the international business market. As a result, it caused the inconsistencies and tax－law conflicts between the tax policies of each country. These inconsistencies were recognized as opportunities to cut tax and caused the cross－border tax arbitrages between countries. It is realistically impossible to unify all the taxation policies of each country because of the unique political goals and diversified legal environment of each country. But the cross－border tax arbitrage using the inconsistency of the taxation policies is expected to continuously occur in the future, and especially, as the advanced financial techniques are applied to the legal tax arbitrage, the phenomenon of the distinction from tax evasion becoming ambiguous is expected to increase remarkably. Therefore, to respect the flow of the market based on the liberal economic principle, and to keep the stream of consistent taxation policy, we need to provide appropriate restriction standard and to flexibly operate the taxation policy to take restrictive taxation actions on the controversial contaminated international transactions, and the pure international transactions that are not contaminated to be considered as regular natural legal tax reduction activities. Since England is directly regulating the tax evasion transactions ahead of other countries, this study will look at the tax arbitrage regulations and major tax evasion cases of England. Specifically, England, starting with the cross－border perpetual note rules in 1992, newly enacted the disclosure regime in the “Finance Act” in 2004 to restrict the tax arbitrage and tax evasion, and executed more intensified Finance Act No. 2 in 2005. Recently, the national level taxation restrictions and interferences on the tax arbitrage are expanding, as the case of the international organization, OECD, also installing the Joint International Tax Shelter Information Center(JITSIC) to restrict the erroneous and abusive tax reduction plans, and actively promoting the cooperative activities between the member countries. Therefore, this study suggests that Korea need to take approaches, by providing systematic standard in political, practical, and administrative perspectives to rationally restrict the cross－border tax arbitrages, and to achieve this, the international taxation environment with reference to the regulations and cases of England and the advanced tax arbitrage regulation appropriate for the characteristics of Korea shall be studied continuously.