Whilst Tory MP and former Big4 accountant (alumn of PwC and Deloitte no less) Nigel Mills parrys the punches.

Pugh opened with a solid jab:

“The only real difference or line between evasion and avoidance is the thickness of a prison wall.”

And a hook slightly below the belt:

“There are some well rewarded people in the City whose life is almost entirely dedicated to some form of tax avoidance or tax planning-whatever they want to call it-which they regard as an entirely legitimate enterprise.”

But Mills was ready with his gloves up:

“Until the election, I was employed by one of the large firms of accountants, although I assure Dr Pugh that I was not involved in tax avoidance,”

Parrying a couple of the early blows:

“My role was to seek up-front agreements with Her Majesty’s Revenue and Customs, which was generally more than happy to enter into such agreements with my clients.

“I am not guilty of the things of which he accuses accountants.”

Before striking back with a solid jab of his own:

“We need to increase tax revenue, so we need to attract taxpayers to the UK and encourage them to remain here,”said Mills.

“A general anti-avoidance rule in principle may not be a brilliant way of doing that.”

Hard hitting stuff.