Pre Publication Revision History
All papers hold only revision history from publication to present. Here is the full pre-publication revision history, omitted from the main papers for succinctness
WP Revision History
| Revision | Date | Details |
|---|---|---|
| 0.01 | 31 May 2026 | First Draft |
| 0.02 | 14 June 2026 | Valuation Updates |
| 0.03 | 02 July 2026 | Synchronisation edits: governance section updated to reflect settled TP/FS/DR architecture; purchase option trigger language updated to three-body Valuation Body mechanism; Open Questions (WP §11) governance item updated to reflect GOV closure |
| 0.04 | 07 July 2026 | Cross-reference corrections: (GOV §2.2) → (GOV §3.3) (anti-collusion guarantee); (GOV §9) → (GOV §10) (purchase option); Veto Holder removed from executive body list; count corrected to six bodies |
| 0.05 | 16 July 2026 | Rates paper read-in: internal bibliography updated; (WP §11.4) SWF calibration substantially closed by (RATES §6); (WP §11.4) refund-rate parameter analysis closed by (RATES §4) / Appendix C.1; (WP §11.4) “deferred to the rates paper” citations updated to RATES with section numbers |
| 0.06 | 21 July 2026 | Closed-questions read-in: inline cross-references added to (WP §3.2), (WP §3.5), (WP §3.5), (WP §3.5), (WP §3.5), and (WP §8.6) pointing to companion paper resolutions; (WP §11.4), (WP §3.5), (WP §3.5), (WP §3.5), (WP §3.5), and (WP §11.11) removed from Open Questions section; (WP §11.4) updated to remove stale (WP §11.10) and (WP §11.6) forward references |
| 0.07 | 25 Jul 2026 | (WP §4.3) SWF Repurchase Option retitled and rewritten as Route D Auction Mechanism: state acquisition replaced by open competitive auction at declared price; taxpayer exit right removed; (GOV §10) cross-reference confirmed; (WP §8.5) constitutional entrenchment paragraph checked for consistency. |
| 0.08 | 4 Aug 2026 | Precision pass: right-of-first-refusal correction (WP §1), (WP §4.3); purchase option / rolling average / nine-clauses language replaced throughout; (WP §3.6) rewritten as Assessment Windows; (WP §3.6) rewritten with RATES figures; (WP §3.6) enforcement paradigm paragraph added; (WP §3.6), (WP §4.3), (WP §4.3), (WP §4.3), (WP §4.3), (WP §4.3) additions; cross-reference corrections (WP §3.5), (WP §4.3), (WP §4.3), (WP §4.3), (WP §4.3), (WP §4.3), (WP §4.3), (WP §4.3), (WP §4.3), B.1; citation corrections (WP §2.2), References; two orphan references removed; internal bibliography updated. |
| 0.09 | 5 Aug 2026 | (WP §11) deleted; (WP §9) rewritten to absorb all outstanding research agenda items as named external limitations; forward references to (WP §11) removed throughout. |
| 0.10 | 8 Aug 2026 | Rewrote Limitations |
| 0.11 | 9 Aug 2026 | (WP §8.7) added — The Complexity Objection: legal-category-game analysis and market manipulation resistance |
| 0.12 | 10 Aug 2026 | (WP §1.1) extended: non-interference design constraint added as fourth principle alongside the three cooperative arguments. |
| 0.13 | 15 Aug 2026 | Update (WP §6) with revised framing, added to (WP §9) about wealth conentration risk |
MF Revision History
| Revision | Date | Details |
|---|---|---|
| 0.01 | 28 May 2026 | First Draft |
| 0.02 | 02 July 2026 | Reconciliation with Cross References |
| 0.03 | 06 July 2026 | Added (MF §3.5) (why the delta); ownership theory added to (MF §2); (MF §9.6) transition compromise; conclusion observation added; formatter pass |
| 0.04 | 07 July 2026 | Cross-reference corrections: (GOV §11.1)/§11.2 → (GOV.A §E.2) (relational framing and Mode B); (GOV §6.2) clause 6 → (GOV §7.2) clause 6 |
| 0.05 | 16 July 2026 | Rates paper read-in: internal bibliography updated; version header corrected from 1.2 to 1.3 (applied retrospectively) then incremented to 1.4 |
| 0.06 | 21 July 2026 | Formatter pass: house style applied; closed-questions register (0.3) applied to (MF §7) and (MF §9.5); AI tells rewritten; YAML front matter and tableofcontents added |
| 0.07 | 5 August 2026 | New (MF §9.7) (The Institutional Tiers the Mechanism Produces); cross-links added to (MF §3.1) (ENV §2), (MF §6) (ENV §4), (MF §6) (BEHAV §6.4, (POL §5.7)), (MF §6) (BEHAV §8.11); conclusion updated to include (MF §9.7) in named compromises list |
| 0.08 | 8 Aug 2026 | Rewrote Limitations |
| 0.09 | 14 Aug 2026 | Version header corrected from 1.6 to 1.7; (GOV.A §E.2) → (GOV.A §E) in Glossary and (MF §7) (GOV.A v2.0 restructuring moved reciprocal partnership content; (MF §E.2) is now Procedural Calcification) |
| 0.10 | 15 Aug 2026 | Added (MF §9.8) and (MF §9.9) named comprimises |
LR.A Revision History
| Revision | Date | Details |
|---|---|---|
| 0.01 | 2 August 2026 | First draft |
| 0.02 | 10 August 2026 | (LR.A §2.1) revised to sharpen the gap statement: prior literature (Cnossen & Bovenberg, 2001; OECD, 2018) reached the delta-base concept for financial assets and explicitly declined to extend it to illiquid assets on valuation grounds. The gap is therefore more precisely located — not an absence from the literature but a named decision point the WDT responds to differently. Gap verdict unchanged. Two references added. |
LR.B Revision History
| Revision | Date | Details |
|---|---|---|
| 0.01 | 2 August 2026 | First draft |
| 0.02 | 10 August 2026 | (LR.B §3) extended to incorporate two identified intellectual predecessors: Cnossen & Bovenberg (2001) capital accretion tax and OECD (2018) wealth accretion tax passage. Miller (2005) and Toder & Viard (2016) added to the contemporary US proposals paragraph. Four references added. Forward note in (LR.B §3) unchanged. |
JUR Revision History
| Revision | Date | Details |
|---|---|---|
| 0.01 | 15 June 2026 | First Draft |
| 0.02 | 02 July 2026 | Reconciliation with cross references |
| 0.03 | 04 July 2026 | Glossary added; citation standardisation (WTC → Advani et al., 2020 throughout); OBR sentence rewritten |
| 0.04 | 07 July 2026 | Cross-reference corrections: (GOV §7.5) → (GOV §6.3) (mandate guardian, three occurrences in (JUR §1.5.3) and (JUR §1.5.3)); (GOV §7.3) → (GOV.B §E.6) (institutional mapping, (JUR §1.5.3)) |
| 0.05 | 16 July 2026 | Rates paper read-in: internal bibliography updated; version header corrected from 1.2 to 1.3 (applied retrospectively) then incremented to 1.4 |
| 0.06 | 22 July 2026 | Formatter pass: YAML block added; front matter converted to WDT conventions; <br> replaced with medskip; explicit heading numbers added; bullet lists converted to prose; em dashes removed; Advani et al. year added in two body locations; References audited to APA 7th; tableofcontents inserted; Author Notes section removed |
| 0.07 | 26 July 2026 | §4.2 (VOA capacity) closed: rewritten as settled positive statement citing (VAL §4) and (VAL §10); open-question framing (removed. §4.4) (OBR independence stress test) reassigned to Phase One: structural design question settled by (GOV §6.3); empirical assessment deferred to implementation. |
| 0.08 | 8 Aug 2026 | Rewrote Limitations |
| 0.09 | 15 Aug 2026 | §2.11 added: model input data provenance, anchoring all TOML parameters to primary sources with verified derivations. budget_growth corrected from 5.24% to 4.51% (PESA 2024 Table 10, TME 1999–00 to 2019–20, n=20, pre-COVID); correction and audit trail recorded in (JUR §2.11) and (JUR §2.11). JST capital_tr confirmed as equity returns source; PESA 2024 Table 10 confirmed as budget_base and budget_growth source. |
VAL Revision History
| Revision | Date | Details |
|---|---|---|
| 0.01 | 05 June 2026 | First Draft |
| 0.02 | 13 June 2026 | Second Draft, added technical appendix |
| 0.03 | 02 July 2026 | Synchronisation edits: three open questions (Derivatives, SWF Unit Governance Rights, Public Register Design) closed by GOV/CORP; purchase option governance cross-references updated to (GOV §9); Valuation Code Board Olson-problem reference updated to GOV |
| 0.04 | 07 July 2026 | Cross-reference corrections: (GOV §9) to (GOV §10) (purchase option, two occurrences in (VAL §11)); (GOV §8.3) to (GOV §5.3). (public register, (VAL §9)) |
| 0.05 | 16 July 2026 | Rates paper read-in: internal bibliography updated; (VAL §8.4) citation updated to (RATES §4) / Appendix C.2 |
| 0.06 | 16 July 2026 | Cross-paper consistency updates; derivatives framing in (VAL §12.2) updated; (VAL §8.4) internal contradiction resolved; Conclusion (VAL §12.2) hedged to structural claim; em dashes removed; JUR label corrected |
| 0.07 | 16 July 2026 | Simulation recalibration read-in: Abstract, (VAL §1), (VAL §1), (VAL §1), (VAL §1), (VAL §1), and Conclusion updated to RATES-aligned parameters; earlier low-rate calibration figures replaced |
| 0.08 | 18 July 2026 | Coherence corrections: (VAL §1) sign error corrected; (VAL §1) expanded; (VAL §1) clarified; Table 7.1-2 overstatement row corrected; (VAL §1) stale cross-reference removed |
| 0.09 | 22 July 2026 | Formatter pass: YAML front matter added; heading attributes corrected; tableofcontents inserted; Contents section removed; closed-questions register (0.3) rewrites applied; AI tell prose rewritten; em dashes removed |
| 0.10 | 25 July 2026 | Purchase option redesigned to Route D auction mechanism following GOV (v1.3 §10): (VAL §11) retitled and rewritten throughout; (VAL §11), (VAL §4.4), (VAL §4.4), (VAL §4.4), and (VAL §7.1) updated to auction language; Glossary entry for Soft basis reset updated |
| 0.11 | 25 July 2026 | Structural compression: (VAL §4) route specification blocks moved to VAL.A; (VAL §4) simulation figures replaced with VAL.A cross-reference; (VAL §4) compressed to single section; (VAL §10.2)–10.4 mechanics trimmed; (VAL §4) Harberger comparison compressed with reference to (LR §6); (VAL §4) reporting list moved to VAL.A; Route D event table moved to VAL.A; Figure references replaced with VAL.A citations; VAL.A and VAL.B references updated throughout |
| 0.12 | 26 July 2026 | VAL.B cross-reference corrections: (VAL.B §1) → (VAL.B §J); (VAL.B §2) → (VAL.B §K); (VAL.B §5) → (VAL.B §N); Glossary note updated to reflect VAL.B lettering scheme (VAL §J)–§N) |
| 0.13 | 3 August 2026 | 0.3 formatter pass (Step 3): (VAL §8.4) final sentence removed (pointer to (VAL.A §G.1) deleted; content now in (VAL §8.4) main body) |
| 0.14 | 7 August 2026 | (VAL §7.3) prose updated: overstatement net-tax advantage qualified to mild overstatement (α ≤ ~1.5 at canonical parameters); aggressive overstatement identified as carrying a net cost at reference growth rate under k = 0.001; quantitative boundary cross-referenced to (VAL.A §C.1). |
| 0.15 | 7 August 2026 | Plateau characterisation pass: Abstract updated (equilibrium characterisation added; stale (VAL §G) reference removed); (VAL §5.2) overstatement paragraph updated (mild vs aggressive distinction; corridor and ceiling); (VAL §5.2) retitled and rewritten (equilibrium is mild overstatement, not honest declaration; forecast-independence of α ≈ 1.2–1.5 established; honest declaration reframed as zero-forecast-exposure baseline); (VAL §5.2) updated (non-monotonic/saturation language replaced with plateau characterisation); (VAL §5.2) rewritten (mild overstatement: permanent forecast-independent advantage; aggressive overstatement: growth corridor requirement and 12% ceiling; self-limiting mechanism). |
| 0.16 | 9 Aug 2026 | Rewrote Limitations, Figure 7.1 added to (VAL §7.1); declaration-zone prose added to (VAL §7.1) and Conclusion characterising the white zone (α = 0.8 to 1.5 at historical mean growth) as a design feature rather than an enforcement gap; Conclusion third paragraph revised to reflect tolerant-zone framing |
| 0.17 | 9 Aug 2026 | Figures 5.1, 5.2, 7.2, 7.3, 7.4, 7.5 inserted with bridging prose; (VAL §5) rate-curve introduction added before (VAL §5.1); (VAL §5) C.1 heatmap added with updated VAL.A cross-reference; (VAL §5) motivation-line explanation added; (VAL §5) C.1/absolute-scale caveat added; Fig 7.2 (equilibrium cost curve) added after Fig 7.1; (VAL §5) TW-gap-by-N figure (Fig 7.3) and understater-plateau figure (Fig 7.4) added; (VAL §5) overstatement-reversal figure (Fig 7.5) added. Updated Limitations section |
| 0.18 | 10 Aug 2026 | Updated Limitations |
| 0.19 | 13 Aug 2026 | Parameter update: \(\tau_0\) = 15% (was 14%), N = 32 (was 34). Figure 5.1 prose and caption updated. Figure 5.2, 7.2, 7.4, 7.5 captions updated (N = 32). §7.4 C.6 inline figures updated (α = 0.5: 92.84%; α = 0.1: 86.55%). |
| 0.20 | 15 Aug 2026 | Updated limitaitons and (VAL §9) |
| 0.21 | 15 Aug 2026 | Parameter update: N = 29 (was 32), following RATES budget_growth correction. Figure captions for Figs 5.2, 7.2, 7.4, 7.5 updated. |
VAL.A Revision History
| Revision | Date | Details |
|---|---|---|
| 0.01 | 13 June 2026 | First Draft |
| 0.02 | 02 July 2026 | Reconciliation with cross-references |
| 0.03 | 07 July 2026 | Cross-reference corrections: (GOV §7.4) → (GOV §8.5) (SWF unit rights, (VAL.A §G.5)); (GOV §8.3) → (GOV §9.3) (public register, (VAL.A §G.5)) |
| 0.04 | 16 July 2026 | Rates paper read-in: internal bibliography updated; (VAL.A §G.1) closed by (RATES §4) / Appendix C.2; (VAL.A §G.1) citation updated to RATES; (VAL.A §G.1) updated to cite RATES for rates component |
| 0.05 | 16 July 2026 | Simulation recalibration: all tables and narrative observations in (VAL.A §B) and (VAL.A §B) updated to RATES-aligned parameters (\(V_0\) = £20m, \(\tau_0\) = 14%, \(\tau_m\) = 70%, W_min = £2m, N = 58); bounded-error claims revised throughout |
| 0.06 | 18 July 2026 | Coherence corrections: α formula corrected; Table C.8 spurious column removed; Propositions 3b and 4 updated; three-stage table reordered |
| 0.07 | 25 July 2026 | Purchase option redesigned to Route D auction mechanism following GOV (v1.3 §10) |
| 0.08 | 25 July 2026 | Structural split from VAL.A (formerly single appendix): document retitled as Mathematical and Simulation Companion; (VAL.A §D) worked examples moved to VAL.B; (VAL.A §D) comparison with alternatives dropped (covered by (LR §6) and LR §2–3); (VAL.A §D) mechanism cases compressed and retained in (VAL.A §D); (VAL.A §D) Route Specification Tables added (moved from (VAL §4)); (VAL.A §D) Annual Reporting Requirements added (moved from (VAL §12.1)); (VAL.A §D) tables converted to placeholder format pending Python model v1.0 validation; (VAL.A §D) narrative observations retained as structural claims independent of specific figures |
| 0.09 | 30 July 2026 | Python model v1.0 validation read-in: (VAL.A §C) tables C.1–C.9 replaced with confirmed figures (0 FAILs, validated against Excel 27 July 2026); (VAL.A §C) g_eff formula added for β extension (additive form confirmed); (VAL.A §C) parameter table updated to include β with additive formula definition; (VAL.A §C) heading corrected to “Effective Lifetime Tax Rate Difference from Honest Declaration”; (VAL.A §C) structural claim updated to state additive specification explicitly; C.4 deviation note added; C.7/C.8 N-offset correction noted in captions; PENDING notices removed throughout (VAL.A §C) |
| 0.10 | 3 August 2026 | 0.3 formatter pass (Step 3): (VAL.A §G) removed entries: (VAL.A §G) (removed — content in (VAL §8.4)), (VAL.A §G.2) (removed — rate structure settled by RATES), (VAL.A §G.2) (removed — closed by (GOV §8.5)), (VAL.A §G.2) (removed — closed by (GOV §9.3)); (VAL.A §G), (VAL.A §G.2), and (VAL.A §G.2) retained |
| 0.11 | 5 Aug 2026 | Open Questions appendix removed: G.3 (inheritance auction implementation), G.4 (derivatives double-count — already closed by (CORP §7)), and G.6 (behavioural adoption rates) absorbed into Limitations appendix (VAL.A §F.1), (VAL.A §F.3), and (VAL.A §F.3) respectively). |
| 0.12 | 7 Aug 2026 | Parameter unification bug fix: k and N unified across all companion papers to canonical values k = 0.001, N = 34. §B.3 parameter table updated; trailing sentence on N (revised. §C) preamble and validation header updated. Tables C.1–C.9 fully replaced with new outputs at unified parameters. Structural claims in (VAL.A §C.1), (VAL.A §C.1), and (VAL.A §C.1) updated to reflect new data. C.4 snapshot-deviation note removed (no longer applicable). |
| 0.13 | 7 Aug 2026 | (VAL.A §C.10) added: 2006 historical return series reference scenario results (declaration strategy sweep C.10a; honest declarer trajectory by N C.10b); locates RATES worst-case scenario within C.1–C.9 analytical space. |
| 0.14 | 7 Aug 2026 | Plateau characterisation pass: Finding 3 updated (penalty plateaus at g ≈ 17%, does not reverse); Finding 4 retitled and rewritten (plateau/corridor distinction between understaters and overstaters by degree); Finding 5 sharpened (equilibrium zone specified as α ≈ 1.2–1.5, forecast-independent); Proposition 3b interpretation corrected (three regions reduced to two; plateau not convergence); Proposition 4 retitled and rewritten (plateau for understaters; corridor structure for aggressive overstaters; inflection at g ≈ 17.3% identified as rate-function property); Proposition 6 summary table row updated; (VAL.A §A.6) rewritten (forecast-independence of mild overstatement established; aggressive overstatement growth corridor and 12% TW ceiling identified; register inflation credit-market channel named as monitoring gap alongside SRR ENV-1); (VAL.A §A.6) structural claim updated (plateau characterisation; C.1 >100% artefact explained); parameter table saturation boundary row updated. |
| 0.15 | 10 Aug 2026 | Rate function correction: (VAL.A §A.3.1) formula (A.3.1), (VAL.A §A.4.2) Step 4 formula (A.4.4), (VAL.A §A.4.2) period-loop \(\tau\) formula, and (VAL.A §A.4.2) post-sale \(\tau\) formula all corrected to carry \(\tau_m\) in the numerator (prior form saturated at 1, not at \(\tau_m\)). A redefined as (\(\tau_m\) − \(\tau_0\))/\(\tau_0\) throughout to preserve \(\tau\)(W_min) = \(\tau_0\). §A.3.1 property 3 inflection formula corrected to W_min + (1/k)·ln((\(\tau_m\) − \(\tau_0\))/\(\tau_0\)); property 4 corrected from “bounded above by 1” to “bounded above by \(\tau_m\)”. Simulation tables (VAL.A §C), all propositions, and all structural claims unaffected — Python model v1.0 implemented the correct form throughout. |
| 0.16 | 10 Aug 2026 | Derivation audit against Python model v1.0: (VAL.A §A.4.2) Step 1 corrected from closed-form \(V_0(1+g)^t\) to recursive \(V_{t-1}(1+g_t)\) with note that constant-g reduces to the prior form; (VAL.A §A.4.2) Steps 5–7 rewritten to show unified signed L with lifetime cap formula explicit (prior form showed separate L and R branches without cap arithmetic or refund-path q/f update); Step 8 (basis update) clarified as unconditional regardless of delta sign; (VAL.A §A.4.2) corrected to show sell event as a distinct period with growth step \(V_{sell} = V_N \cdot (1+g_{sell})\) — prior version stated sale at \(V_N\), omitting the sell-year growth step present in the code; (A.4.14) and (A.4.15) updated accordingly; (VAL.A §A.4.2) initialisation and (VAL.A §A.4.5) cumulative retained fraction renumbered for sequential consistency; (VAL.A §A.4.2) output metric C.1 formula sign corrected from (TTP(1)−TTP(α))/TW(α) to (Net(α)−Net(1))/TW(α) and metric renamed to match (VAL.A §A.4.5) convention. No proposition arguments, simulation tables, or structural claims affected. Removed limitations section, renumbered subsequent sections |
| 0.17 | 10 Aug 2026 | Removed Limitations, added a design note to A.3.2 regarding choice on refund marginal rate |
| 0.18 | 13 Aug 2026 | Parameter update: \(\tau_0\) = 15% (was 14%), N = 32 (was 34). §B.3 parameter table (updated. §C) preamble and validation header updated. Tables C.1–C.9 fully replaced with new outputs at updated (parameters. §C.4) structural claim and rate ceiling updated to reflect N = 32 logistic bound (62.65%). §C.8 structural claim boundary figures (updated. §C.9) structural claim plateau ceilings (updated. §C.10) source header, purpose statement, and C.10a/C.10b tables replaced with N = 32 figures. Proposition 3b RATES-aligned calibration updated. |
| 0.19 | 15 Aug 2026 | Parameter update: N = 29 (was 32), following RATES budget_growth correction (4.51%, was 5.24%); LRR fill year for 2006 Balanced scenario corrects to 29. §B.3 parameter table (updated. §C) preamble and validation header updated. Tables C.1–C.9 regenerated at N = 29. §C.4 structural claim rate ceiling updated to N = 29 logistic bound (60.67%). §C.9 metric header and caption (updated. §C.10) purpose statement, C.10.1 heading/table/caption, and C.10.2 table/caption replaced with N = 29 figures. |
VAL.B Revision History
| Revision | Date | Details |
|---|---|---|
| 0.01 | 25 July 2026 | First draft. Split from VAL.A. Five examples constructed to illustrate the five claims in (VAL §1), (VAL.B §5.2), (VAL.B §5.2), (VAL.B §5.2), and (VAL.B §5.2) respectively. Figures are placeholders pending Python model v1.0. |
| 0.02 | 26 July 2026 | Appendix lettering corrected: sections renumbered (VAL.B §J)–§O, continuing from (VAL.A §I). Table captions updated. Reader’s Guide table updated. Standalone (VAL.B §J) cross-references disambiguated to (VAL.A §C.9) throughout. |
| 0.03 | 30 July 2026 | Python model v1.0 validation read-in: all [P] placeholder figures replaced with confirmed values across (VAL.B §J), (VAL.B §J), (VAL.B §J), (VAL.B §J), and (VAL.B §J). Period-by-period tables added to (VAL.B §J) and (VAL.B §J). §K period-by-period accumulation table and key mechanism note (added. §L) Timeline A and B structured tables added; inline £ figures (confirmed. §M) model note added confirming g=5% compounded values (\(V_10\) = £8.144m, \(V_15\) = £10.395m); Option B/C prose figures (confirmed. §N) three-founder period-by-period table and key findings section added. Reader’s Guide placeholder notice removed. |
| 0.04 | 7 August 2026 | Parameter unification bug fix: all examples updated to canonical parameters k = 0.001, N = 34. §J Table J.1 and period-by-period table replaced; key mechanism prose figures (updated. §K) Table K.1 and period-by-period table replaced; key mechanism note (updated. §L) Timeline A and B tables updated; comparison table (updated. §M) Table M.1 (updated. §N) Table N.1 and period-by-period table replaced; key findings figures updated. |
| 0.05 | 7 August 2026 | Plateau characterisation pass: (VAL.B §N.4) stale saturation reversal cross-reference removed and replaced with plateau characterisation; locally stable region framing corrected (honest declaration is zero-forecast-exposure baseline, not population equilibrium; equilibrium is mild overstatement per (VAL.A §A.6)). §N.5 extended: register inflation credit-market channel named as system-level consequence of mild-overstatement equilibrium; monitoring gap identified. |
| 0.06 | 13 August 2026 | Parameter update: \(\tau_0\) = 15% (was 14%), k = 0.001 throughout (Reader’s Guide previously cited k = 0.0001 in error). Reader’s Guide parameters corrected. Table J.1, period-by-period (VAL.B §J), Table K.1 and period-by-period (VAL.B §J), (VAL.B §J) Timeline A/B tables and comparison table, (VAL.B §J) prose rate references, Table M.1 and (VAL.B §J) Option A/B/C prose, Table N.1 and period-by-period (VAL.B §J), and (VAL.B §J) Key findings all replaced with new model figures. |
CORP Revision History
| Revision | Date | Details |
|---|---|---|
| 0.01 | 26 June 2026 | First Draft |
| 0.02 | 02 July 2026 | Reconciliation with Cross References |
| 0.03 | 02 July 2026 | [prior version numbering] |
| 0.04 | 03 July 2026 | Editorial redraft: single-home mechanism explanations, compressed rationale, standardised terminology |
| 0.05 | 21 July 2026 | Parameter framework revision: \(\tau_prov\) and \(\tau_h\) separated as distinct optimisation problems; (CORP §5.3) rewritten to ground \(\tau_0\) floor in collection-security logic (not anti-arbitrage); (CORP §5.3) updated to distinguish \(\tau_prov\) (administrative) from \(\tau_h\) (mechanism design); (CORP §5.3) definitions and Glossary entries for \(\tau_h\) updated; (CORP §5.3) rewritten accordingly; (CORP.A §B.1) and (CORP §B.2) revised with full derivations; formatter pass |
| 0.06 | 31 July 2026 | Consistency pass against CORP.A v1.6: Glossary \(\tau_h\) entry, (CORP §5.1) \(\tau_h\) definition, (CORP §5.1) tranche-three paragraph, and (CORP §5.1) \(\tau_h\) calibration paragraph all updated to reflect (CORP §5.1) revised framework — legal proportionality replaced throughout with [deterrence floor, \(\tau_m\)] calibration range and self-defeating litigation observation; (CORP §6) extended with cross-reference to (CORP.A §F) for non-corporate instrument classification |
| 0.07 | 3 August 2026 | Formatter pass: temporal artifact removed from (CORP §5.3) (“rather than anti-arbitrage logic”); AI tell removed from (CORP §5.3) (“\(\tau_h\) is a different question” pivot sentence); (CORP §9.1) temporal artifact removed (“previously treated as open”) and AI-tell elaboration tightened; (CORP §9.1) AI tell tightened (competing-objectives list replaced with calibration range statement); GOV parenthetical stripped from (CORP §5.3) final sentence |
| 0.08 | 5 Aug 2026 | Structural revision: (CORP §9) (Conclusion) split into (CORP §9) (Limitations and Required Further Work) and (CORP §9) (Conclusion); resolved-design inventory moved to conclusion body; open questions content separated into limitations section. No substantive changes. |
| 0.09 | 8 Aug 2026 | Rewrote Limitations |
| 0.10 | 8 Aug 2026 | (CORP §2) extended with CIT and dividend tax distortions argument; (CORP §4.1) extended with thin trading, suspension/delisting, and dual-class share design rules; (CORP §4.1) updated with facility optionality forward reference; new (CORP §6) (Corporate Equity Settlement Facility) added; existing (CORP §6)–§9 renumbered (CORP §6)–§10; (CORP §4.1) Governing Council calibration parameters updated; (CORP §4.1) Conclusion updated; cross-references corrected |
| 0.11 | 10 Aug 2026 | Updated Limitations |
CORP.A Revision History
| Revision | Date | Details |
|---|---|---|
| 0.01 | 03 July 2026 | First Draft |
| 0.02 | 03 July 2026 | Editorial redraft: single-home mechanism explanations, compressed rationale, standardised terminology |
| 0.03 | 07 July 2026 | Cross-reference corrections: (GOV §7)/§4/§6.2 → (GOV §8)/§5/§7.2 (CORP.A §C.4)); Veto Holder removed; executive body count corrected to six |
| 0.04 | 21 July 2026 | Parameter framework revision: (CORP.A §B.1) rewritten to derive \(\tau_0\) floor from collection-security logic rather than anti-arbitrage; (CORP.A §B.1) rewritten to derive \(\tau_h\) range from competing objectives (deterrence, revenue recovery, refund forfeiture, legal proportionality) rather than asserting \(\tau_m\) as natural anchor; (CORP.A §B.1) updated to reflect collection-security framing; (CORP.A §B.1) updated to reframe (RATES §8.1) result, \(\tau_m\) as ceiling rather than anchor |
| 0.05 | 29 July 2026 | Rate calibration further developed: (CORP.A §B.1) extended with expected-value calibration expression, structural analysis of failure population, and explicit Phase One data requirements; (CORP.A §B.1) substantially revised — self-defeating litigation argument added as discrete analytical observation (establishing standing is itself an attribution event, dissolving the proportionality constraint as a binding upper bound), refund-forfeiture effect quantified directionally, calibration range restated as [deterrence floor, \(\tau_m\)] with Governing Council discretion within it, Phase One data requirements stated; bridging note between (CORP.A §B.1) and (CORP.A §B.1) added; (CORP.A §B.1) updated to note self-defeating litigation applies at intermediary level too; (CORP.A §B.1) updated to remove legal proportionality as competing pressure and reflect revised (CORP.A §B.1) framework |
| 0.06 | 3 August 2026 | Formatter pass: (CORP.A §B.1) AI tell removed (“shape what that bound looks like in practice” replaced with “bear on this bound”); (CORP.A §B.1) temporal artifact removed (“In practice, the constraint is substantially weaker” framing); (CORP.A §B.1) AI tell reworded (“not a penalty with no exit: it is a default charge” inverted to “a default charge that dissolves on voluntary identification, not a penalty with no exit”); (CORP.A §B.1) temporal artifact removed from calibration range paragraph (“rather than a single value” qualifier) |
| 0.07 | 8 Aug 2026 | Rewrote Limitations |
| 0.08 | 8 Aug 2026 | (CORP.A §B.2) extended with \(\tau_h\) ramp mechanism: pre-announced schedule, aggregate tranche-three observable, transitional deterrence gap acknowledgment, joint-calibration constraint with CIT/dividend displacement schedule, Governing Council factional dynamics as epistemic rationale; Governing Council calibration parameters updated to include ramp window, step-trigger parameters, and joint-calibration requirement |
| 0.09 | 9 Aug 2026 | (CORP.A §F.8) completed as general principle statement; (CORP.A §F.9) added — market manipulation and the bilateral-claim structure of short positions |
| 0.10 | 10 Aug 2026 | Removed Limitations |
| 0.11 | 15 Aug 2026 | Added to (CORP.A §F.9) about hostile takeovers |
GOV Revision History
| Revision | Date | Details |
|---|---|---|
| 0.01 | 03 July 2026 | First Draft |
| 0.02 | 03 July 2026 | Allocator information-asymmetry rationale made explicit; rebalancing floor reframed as revealed-preference mechanism; open item 3 proposed resolution added; bootstrapping period scoped out to Phase One paper |
| 0.03 | 16 July 2026 | Rates paper read-in |
| 0.04 | 25 July 2026 | Purchase option redesigned to Route D auction mechanism |
| 0.05 | 26 July 2026 | Classification veto mechanism; DR forum; symmetric bridging facility bond; taxpayer history record; (GOV §11.1) items 3, 4, 5 closed |
| 0.06 | 27 July 2026 | Full structural rewrite per GOV plan (6.2): (GOV §4) Mode B integrated as illustration; (GOV §4) executive bodies tightened to three-question treatment; operational detail migrated to GOV.B |
| 0.07 | 30 July 2026 | Author instructions executed: (GOV §3.1) (first-attempt subsection) deleted, forward reference to (GOV.A §C) added; Adjudicator removed from (GOV §3.1) corrected derivation; (GOV §3.1) (GOV.B §C.1) cross-reference added; (GOV §3.1) shortened and split into (GOV §3.1)–§5.2; nine enumerated clauses converted to numbered list; stray author-note braces removed; cross-references updated throughout |
| 0.08 | 03 August 2026 | Minor Enumerated Clause edits |
| 0.09 | 03 August 2026 | (GOV §2.1) no-monopoly architectural commitment added; (GOV §6.4) extended: credential-issuer characterisation and minimum-necessary-information derivation added; Administrator glossary entry updated |
| 0.10 | 5 Aug 2026 | (GOV §7) rewritten as Limitations and Further Work: governance decay analysis and open calibration parameters merged into single section; OQ-G.1 closed by addition of publishable-output list to enumerated clauses; separate Open Questions and Closed Items sections removed |
| 0.11 | 8 Aug 2026 | Rewrote Limitations |
| 0.12 | 8 Aug 2026 | (GOV §1.1) added: information architecture argument — why the Governing Council is the right response to the governance problem, DR as epistemic discipline replacing private lobbying, \(\tau_h\) ramp as worked example; Abstract updated to reflect (GOV §1.1); Introduction updated with (GOV §1.1) forward reference |
| 0.13 | 9 Aug 2026 | (GOV §6.2) Allocator redesigned: single person, broad mandate, no term limit; capture reframed as structural feature rather than design flaw; appointment changed to either-chamber-proposes, T1 confirms; removal by T2 with rebalancing cost on proposing chamber if successful, no cost on failed T2; cooling-off bar removed; resignation available at any point including between seat-burn and T2 vote |
| 0.14 | 10 Aug 2026 | Updated Limitations |
| 0.15 | 13 Aug 2026 | Correction pass: enumerated structural clause count updated throughout from nine to ten (abstract, glossary, (GOV §1), (GOV §1), (GOV §1) clause 10); (GOV §5.2) clause 10 judgment basis stated explicitly; (GOV §5.2) preamble updated to name eighth, ninth, and tenth as judgment-based; internal bibliography FM title corrected (removed spurious “Environmental”), BEHAV spelling corrected |
GOV.A Revision History
| Revision | Date | Details |
|---|---|---|
| 0.01 | 03 July 2026 | First Draft |
| 0.02 | 07 July 2026 | Cross-reference corrections (version number updated; history entry added retrospectively) |
| 0.03 | 16 July 2026 | Rates paper read-in: internal bibliography updated; (GOV.A §E.2) discrete form of Mode B updated to note (RATES §6.3) post-LRR-fill implication |
| 0.04 | 21 July 2026 | Added YAML title block and formatting |
| 0.05 | 25 July 2026 | (GOV.A §B.2) oracle-dependency claim updated: Route D entry basis substantially closed by (GOV §10) auction mechanism |
| 0.06 | 26 July 2026 | GOV v1.4 read-in: (GOV.A §E.2) (GOV §7) reference corrected to (GOV §7.2); (RATES §6.3) citation corrected to house convention; revision history date anomaly corrected (v1.4 entry) |
| 0.07 | 27 July 2026 | Structural reorganisation per 6.2 plan: (GOV.A §A) (Governing Bodies) moved to planned GOV.B; appendices reordered and retitled; (GOV.A §A) = failure-mode taxonomy; (GOV.A §A) = WDT instrument audit; (GOV.A §A) = rejected first derivation; (GOV.A §A) = explored and dropped mechanisms; (GOV.A §A) = governance decay (four sub-forms only). Mode B state/taxpayer relationship content dissolved into GOV main body (GOV.A §4). No substantive content changes to existing material. |
| 0.08 | 9 August 2026 | (GOV.A §B.2) Allocator assessment added: T1/T2 appointment and removal structure assessed as closer to mechanism-shaped than prior framing; capture reframed as structural feature rather than vulnerability; (GOV.A §B.3) summary updated accordingly |
| 0.09 | 13 Aug 2026 | Correction pass: stale GOV section cross-references updated throughout following GOV v2.1 restructure — §B.2 (GOV §10)/§10.5 → (GOV §6.1); (GOV.A §C.2) (GOV §10) → (GOV §6.1) (three instances); (GOV.A §C.2) (GOV §5)/§10 → (GOV §6.1); (GOV.A §C.2) opening GOV §3–§10 → GOV §3–§8; (GOV.A §C.2) (GOV §9) → (GOV §5.3); (GOV.A §C.2) (GOV §10) → (GOV §6.1), (GOV §8.3) → (GOV §6.3); internal bibliography FM title corrected, ENV typo fixed, unclosed italics on BEHAV/CLOSE/POL/PHASE1/ENV corrected |
GOV.B Revision History
| Revision | Date | Details |
|---|---|---|
| 0.01 | 28 July 2026 | First Draft |
| 0.02 | 03 August 2026 | (GOV.B §B.4.6) added: data architecture credential-issuance model; (GOV.B §B.4.7) added: privacy election binary disclosure and rate differential; (GOV.B §B.4.7) added: Custodian inflationary rotation mandate guidance |
| 0.03 | 8 Aug 2026 | Rewrote Limitations |
| 0.04 | 8 Aug 2026 | New (GOV.B §H) added: corporate equity settlement facility mandate extension — two new Custodian exposure categories (secured corporate lending, distinct corporate equity portfolio), stewardship statement requirements, relationship to existing mandate architecture, five Governing Council calibration parameters; old (GOV.B §H) Limitations renumbered (GOV.B §H); (GOV.B §I) Governing Council calibration parameters updated; (GOV.B §I) Phase One empirical unknowns updated with facility take-up observable |
| 0.05 | 9 August 2026 | (GOV.B §B.2) Allocator redesigned per GOV v2.7: appointment changed to either-chamber-proposes, T1 confirms; (GOV.B §B.2.2) cooling-off bar removed; (GOV.B §B.2.2) revised — no term limit, T2 removal with rebalancing cost on proposing chamber if successful, no cost on failed T2, resignation available at any point including between seat-burn and T2 vote; (GOV.B §B.2.2) reframed — publication requirement retained, primary function now stated as making synthesised inside knowledge available to DR rather than detecting captured recommendations; (GOV.B §B.2.2) added — Allocator as public figure |
| 0.06 | 10 Aug 2026 | Removed Limitations |
| 0.07 | 13 Aug 2026 | Correction pass: stale GOV section cross-references updated throughout following GOV v2.1 restructure — §A.1.3 (GOV §7) → (GOV §5.3); (GOV.B §A.3.3) (GOV §7.2) → (GOV §5.2); (GOV.B §A.3.3) (GOV §6.2.3) → (GOV §5.3); (GOV.B §A.3.3) (GOV §6.3) → (GOV §6.4); (GOV.B §A.3.3) (GOV §10) → (GOV §6.1); (GOV.B §A.3.3) (GOV §8) → (GOV §6.3); (GOV.B §A.3.3) stale open-question note replaced with settled-clause statement; (GOV.B §A.3.3) (GOV §7) → (GOV §5), (GOV §7.2) → (GOV §5.2); (GOV.B §A.3.3) (GOV §6.2.3) → (GOV §5.3); (GOV.B §A.3.3) (GOV §6.2.2) → (GOV §5.3); (GOV.B §A.3.3) (GOV §6.2.2) → (GOV §5.3); (GOV.B §A.3.3) (GOV §7.3) → (GOV §5.3); (GOV.B §A.3.3) (GOV §8.3) → (GOV §6.3); (GOV.B §A.3.3) (GOV §8.3) → (GOV §6.3); (GOV.B §A.3.3) (GOV §8.8) → (GOV §6.3); (GOV.B §A.3.3) (GOV §8.3) → (GOV §6.3); (GOV.B §A.3.3) (GOV §8.4)/§8.3 → (GOV §6.3); (GOV.B §A.3.3) (GOV §9.1) → (GOV §7.2); (GOV.B §A.3.3) (GOV §9.3) → (GOV §5.3); (GOV.B §A.3.3) opening (GOV §10) → (GOV §6.1); (GOV.B §A.3.3) (GOV §10.3) → (GOV.B §G.2); (GOV.B §A.3.3) (GOV §10.3) → (GOV.B §G.2); (GOV.B §A.3.3) stale (GOV §8.7) cross-reference removed (self-referential); internal bibliography FM title corrected, ENV typo fixed, unclosed italics on BEHAV/CLOSE/POL/PHASE1/ENV corrected |
| 0.08 | 15 Aug 2026 | added Advisor Corps to (GOV.B §B.2.5) and custodian Inflation Rotation Mandate (GOV.B §B.2.5) |
RATES Revision History
| Revision | Date | Details |
|---|---|---|
| 0.01 | 11 July 2026 | Initial draft |
| 0.02 | 11 July 2026 | Headline figures corrected to £1,190b; \(\tau_0\) corrected to 40% in conclusion; OQ #24 closure reframed; concurrent-shock stress test added |
| 0.03 | 13 July 2026 | Full structural revision: two-model architecture introduced; fiscal target reframed as year-11 expenditure; reference parameters corrected; tier weights and taxable population clarified; corporate levy and tail supplement estimates revised |
| 0.04 | 14 July 2026 | SSM reframed as transition-planning model; SRR and LRR distinguished as separate processes on separate timescales; three transition scenarios introduced; SRR target redefined |
| 0.05 | 14 July 2026 | Communication reframe: two-metric framework introduced; transition scenarios reframed as policy archetypes; sensitivity appendix restructured |
| 0.06 | 14 July 2026 | Full narrative restructure: paper rewritten around a single central claim; taxpayer experience moved to (RATES §2); revenue stated before methodology; extensions collected in (RATES §2); limitations section added |
| 0.07 | 14 July 2026 | Concision pass: word count reduced approximately 20% with no substantive changes |
| 0.08 | 15 July 2026 | Parameter update: all three scenario parameters revised; scenario names retained with new calibrations; all revenue, coverage, effective-rate, tax-bill, SRR/LRR balance, and taxpayer-matrix figures updated throughout; corporate levy attributable-but-not-identified tranche corrected to £82b; budget growth rate corrected to 5.24% p.a. |
| 0.09 | 15 July 2026 | Definition correction: LRR breakeven year redefined throughout as the first year the LRR balance reaches the 3× expenditure capitalisation floor |
| 0.10 | 16 July 2026 | Historical starting-year sensitivity analysis added: full SSM sweep across all viable start years 1947–2019 at Balanced parameters; worst-case year identified as 1987; 1973–1980 post-steady-state breach-and-recovery pattern documented; new (RATES §7.5) added; (RATES §D) added with full year table |
| 0.11 | 17 July 2026 | Reference scenario reframed throughout as 1987 Balanced; (RATES §2) matrices replaced; max effective rate on gains (72.5%) explained as terminal-year modelling artefact |
| 0.12 | 17 July 2026 | Bug-fix model re-run: all scenario output figures updated throughout; 1987 scenario LRR breakeven years revised to 11/58/62 (High/Balanced/Low) |
| 0.13 | 17 July 2026 | Second model re-run: worst-case start year updated from 1987 to 1988; best-case updated to 1975; (RATES §2) matrices replaced with 1988 Balanced data; LRR surplus column added to (RATES §D) |
| 0.14 | 21 July 2026 | Corporate rate framework update: (RATES §8.1) closing passage revised; Appendix C.3 OQ #30 closure notice updated |
| 0.15 | 22 July 2026 | Closed-questions read-in: OQ-R.1, OQ-R.2, and OQ-R.3 removed from Open Questions section |
| 0.16 | 1 August 2026 | Reference scenario updated to 2006 Balanced (34-year breakeven): all figures updated throughout; three-scenario comparison structure retired; TCM architecture updated; SSM/TCM coverage ratio pair introduced (20.5%/41.3%); historical sweep updated to 100% success rate across all 73 start years; extremal cases and statistical pass added; Appendix C absorbed into (RATES §4); Appendix D retired |
| 0.17 | 1 August 2026 | Formatter pass: front-matter heading attributes corrected; AI tells and temporal artifacts removed; cross-reference mismatches flagged in notes; Glossary incomplete section flagged |
| 0.18 | 1 August 2026 | References added: Jordà et al. (2019) cited in (RATES §5.2) as source of UK equity total return series; HM Treasury (2024) PSS May 2024 Table 10 cited in (RATES §5.2) as source of 5.24% expenditure growth rate |
| 0.19 | 2 August 2026 | Formatter pass: YAML date field corrected to month-year format; Revision History Date column alignment fixed; BEHAV and CLOSE added to Internal Bibliography; (GOV §7.2) cross-references corrected to (GOV §5.2) (two instances: (RATES §6.3) and OQ-R.6); OQ scaffold labels removed from (RATES §1); AI tells removed (RATES §2), (RATES §1), (RATES §1), (RATES §1); References section corrected to APA 7th |
| 0.20 | 5 August 2026 | Open Questions section removed; OQ-R.4 (cross-base fiscal externality) absorbed into (RATES §10) as second paragraph, merged with the Agrawal et al. discussion previously in (RATES §10); OQ-R.5 (Phase One milestone triggers) and OQ-R.6 (post-LRR-fill rate recalibration) collapsed into a single closing paragraph of (RATES §10) as Governing Council decisions gated by Phase One milestones; (RATES §9) retitled (accordingly. §2) extended with terminal net worth matrix (V_N at year 34 by tier and bracket, drawn from (RATES.A §B.3a) and interpretive paragraph establishing that the WDT taxes growth without exhausting the compounding base; (RATES §9) extended with bridging paragraph on tier-bracket population interaction, forward-pointing to (RATES §10) revenue concentration results; (RATES §9) extended with clarifying passage establishing that capitalisation-window coverage ratios slightly overstate rather than flatter mature steady-state revenue, citing (RATES.A §B.3i) lifetime vs window average gap; (RATES §9) opening revised to correct tail-concentration framing using (RATES.A §B.3h) cohort revenue shares, cross-reference to (RATES.A §B.3a) terminal wealth figures added, CLOSE §5–§6 cross-reference added |
| 0.21 | 6 August 2026 | Added fig 1–5 in main body |
| 0.22 | 8 August 2026 | Rewrote Limitations |
| 0.23 | 8 August 2026 | Added figs 6–9: Fig 6 (burden heatmap) inserted in (RATES §2) after burden tables with bridging prose; Fig 7 (SSM/TCM coverage bands) inserted at end of (RATES §2) with prose on why the two-metric framework is needed; Fig 8 (loss-year mechanics) inserted in (RATES §2) after symmetry argument with concrete illustration of full symmetry and lifetime envelope; Fig 9 (Phase Two transition) inserted at end of (RATES §2) with prose on post-LRR-fill trajectory and (GOV §5.2) clause requirement; prose improvements to (RATES §2) (sweep inverse relationship noted) and (RATES §2) (LRR target-crossing clarified); Fig 8 mislabelling corrected: crash year is 2008 (simulation year 3), not 2007 (simulation year 2) |
| 0.24 | 13 August 2026 | Parameter update: \(\tau_0\) lowered from 20% to 15%; all figures updated throughout (model v6 run, 2026-08-13); reference scenario updated from 2006 to 2007 Balanced (2007 now produces the longest LRR fill time of 33 years at new parameters); LRR breakeven 34→33 years; capitalisation window 30→29 years; TCM coverage ratio 40.9%→27.4%; SSM coverage 20.5%→20.6%; total cap-window revenue £1,262.4b→£819.7b; sweep TCM range 32.0%–159.3%→26.2%–131.2%, median 60.7%→39.5%; sweep maximum 34→33 years; burden and effective-rate matrices updated; all figure captions updated to 2007 Balanced scenario; RATES.A Appendix B replaced with new model output |
| 0.25 | 13 August 2026 | Two corrections following parameter update: (RATES §4) prose simulation year corrected from 3 to 2 (the 2007 rotation places the 2008 crash at position 2, not 3; Fig 8 caption was already correct); (RATES §4) window-vs-lifetime comparison direction corrected — at \(tau_0\)$=15% the capitalisation window average (£819.7b) is below the lifetime average (£1,124.5b), so the window understates rather than overstates mature revenue; prose updated accordingly |
| 0.26 | 15 August 2026 | Budget growth rate corrected from 5.24% to 4.51% (see JUR (v1.8 §2.11) for derivation and audit trail); all expenditure-denominator-dependent figures updated throughout (model v7 run, 2026-08-15): LRR breakeven 33→29 years; capitalisation window 29→25 years; annual expenditure at LRR breakeven £5,933b→£3,980b; SRR balance at LRR breakeven £2,013b→£1,498b; LRR surplus £2,331b→£1,041b; avg expenditure in window £2,994.2b→£2,336.9b; SSM coverage 20.6%→21.3%; TCM coverage 27.4%→27.7%; sweep TCM range 26.2%–131.2%→24.0%–134.5%, median 39.5%→40.3%; sweep SSM range 20.5%–127.3%→19.0%–130.5%; breach now occurs at year 35 in 2007 scenario (breach lag 6 years); terminal wealth matrices updated to N=29; burden and effective-rate matrices updated; extremal cases table updated; (RATES.A §B) updated in parallel (v1.4) |
RATES.A Revision History
| Revision | Date | Details |
|---|---|---|
| 0.01 | 31 July 2026 | Initial version: Appendix A (Model Specification, (RATES.A §A.1)–A.7) and Appendix B (Model Output, (RATES.A §A.1)–B.5) compiled from 2006 Balanced model run at v6; formatter pass applied |
| 0.02 | 31 July 2026 | (RATES.A §A.2) extended with marginal cohort architecture explanation; (RATES.A §A.4) success definition corrected; (RATES.A §A.4) TCM growth path corrected; (RATES.A §A.4) coverage figures updated to current model run (2006 TCM coverage 41.3%; sweep range 32.0%–159.3%); known boundary-alignment bug in SSM/TCM capitalisation windows flagged; Appendix B replaced with current model output |
| 0.03 | 1 August 2026 | References added: Jordà et al. (2019) cited in (RATES.A §A.3) as source of UK equity total return series; HM Treasury (2024) PSS May 2024 Table 10 cited in (RATES.A §A.3) as source of 5.24% expenditure growth rate; external References section added |
| 0.04 | 13 August 2026 | Parameter update: \(\tau_0\) lowered from 20% to 15%; (RATES.A §A.3) rate parameters updated; (RATES.A §A.3) coverage figures and window updated throughout; Appendix B replaced in full with 2026-08-13 model output (v6 run, 2007 Balanced scenario, N=33) |
| 0.05 | 15 August 2026 | Budget growth rate corrected from 5.24% to 4.51% (see JUR (v1.8 §2.11); (RATES.A §A.3) budget constants updated; (RATES.A §A.3) coverage figures, window span, sweep range, and prose updated throughout; Appendix B replaced in full with 2026-08-15 model output (v7 run, 2007 Balanced scenario, N=29) |
SWEEPS Revision History
| Revision | Date | Details |
|---|---|---|
| 0.01 | 12 August 2026 | Initial skeleton |
| 0.02 | 14 August 2026 | Sanity-check corrections: N-crossing disappearance threshold corrected from “21–23%” to “29–32%” in (SWEEPS §3.1) body and Fig S4.1 caption (now consistent with Table A.6); W_min fiscal figures corrected in (SWEEPS §3.1) (TCM coverage 54%→56.5%, 59%→61%; LRR fill year 12→11, 25→24 years); internal bibliography updated to VAL.A v3.0 and VAL.B v1.5; k success-rate deterioration at k ≥ 0.05 added to (SWEEPS §3.1) body (previously only in SWEEPS.A Reading Notes); plateau ceiling N-invariance claim in (SWEEPS §3.1) qualified to high-g regime; N=34 reference line provenance clarified in (SWEEPS §3.1) (RATES Balanced \(\tau_0\)=20% vs canonical \(\tau_0\)=15% fill year of 32yr); \(\tau_0\) 10pp sensitivity claim in (SWEEPS §3.1) qualified for plateau at high \(\tau_0\); N-crossing threshold glossary entry and (SWEEPS §3.1) definition updated to name specific tested α values |
| 0.03 | 15 August 2026 | budget_growth corrected from 5.24% to 4.51% throughout (JUR §2.11 audit; PESA 2024 Table 10, TME 1999–00 to 2019–20, n=20, pre-COVID). All RATES.S figures updated against rerun model output. Key changes: canonical LRR fill range updated from 7–34 yr (median 14) to 7–29 yr (median 13); \(\tau_m\) figure caption median LRR fill corrected from ~14 yr to ~13 yr; k sweep success-rate claim corrected (100% throughout at 4.51%, vs 96%/90% at k = 0.05/0.1 under prior 5.24%); k sweep TCM and LRR figures corrected; relative sensitivity figure caption medians corrected; lrr_years description corrected; SWEEPS.A B.1.2 budget_growth corrected; (SWEEPS.A §A.3) k sweep description corrected; (SWEEPS.A §B.7) lrr_years description corrected. N=34 reference line in figures updated to N=29 (canonical VAL.S LRR fill year at \(\tau_0\)=15%, 4.51% growth). No design positions affected. |
SWEEPS.A Revision History
| Revision | Date | Details |
|---|---|---|
| 0.01 | 12 August 2026 | Initial skeleton |
| 0.02 | 15 August 2026 | budget_growth corrected from 5.24% to 4.51% in B.1.2 non-SWF parameters table and B.7 lrr_years description. RATES.S all tables (§§B.2–B.7) rerun at corrected value; figures in Part 1 (§§A.3, A.4 RATES.S key pattern) updated accordingly. k sweep: success 100% throughout (vs 96%/90% at k = 0.05/0.1 under prior value); median LRR fill corrected to 13yr; 2006 fill year at k = 0.0001 corrected to 29yr. VAL.S canonical N updated from 34 to 29 in header and figure index table. No design positions affected. |
BEHAV Revision History
| Revision | Date | Details |
|---|---|---|
| 0.01 | 24 July 2026 | Initial draft; planning document converted to paper |
| 0.02 | 4 August 2026 | Three additions: (BEHAV §6.4) (privacy compatibility as membrane property); (BEHAV §6.4) extended (Administrator-as-consistency-confirmer); (BEHAV §6.4) (enforcement paradigm shift) |
| 0.03 | 5 August 2026 | (BEHAV §11) restructured: numbered Open Questions subsections collapsed into prose Limitations section; section renamed accordingly; BEHAV OQ cross-paper register entries retained as separate block below |
| 0.04 | 8 Aug 2026 | Rewrote Limitations |
| 0.05 | 14 Aug 2026 | Full structural rewrite: (BEHAV §6.3) added (membrane dimension interaction structure); (BEHAV §8.12)–8.13 added (route distribution of WDT-taxable wealth and structural implications); (BEHAV §6.3) substantially expanded (six-part cross-base externality response); (BEHAV §6.3) added (membrane calcification and monitoring architecture); (BEHAV §8.12)–§12 renumbered to (BEHAV §11)–§13 |
| 0.06 | 15 Aug 2026 | Added Advisor Coprs to (BEHAV §5), (BEHAV §5) and (BEHAV §5) |
CLOSE Revision History
| Revision | Date | Details |
|---|---|---|
| 0.01 | 24 July 2026 | Initial draft as EXIT paper (exit taxation only). |
| 0.02 | 24 July 2026 | Restructured as CLOSE paper. General theory of position closure established. Four closure event types: death, jurisdictional exit, threshold fall-through, bankruptcy. Lifetime envelope carry-through on re-entry confirmed. |
| 0.03 | 24 July 2026 | Intellectual context section added (CLOSE §1). No-punitive-exit-taxation position added to (CLOSE §3). Re-entry incentive paragraph added to (CLOSE §3). Cross-base externality Phase One/Two distinction clarified in (CLOSE §3). Section numbering updated throughout. |
| 0.04 | 25 July 2026 | (CLOSE §2) general theory updated to note three-context auction (infrastructure. §4.2) updated with cross-reference to (GOV §10) compelled mid-position auction as third instance of shared Route D auction architecture. |
| 0.05 | 30 July 2026 | Formatter pass: Internal Bibliography updated (VAL.A retitled; VAL.B added). §2 past-solution tell removed. Em dashes converted to parentheses (throughout. §3) duplicate honest-declarant passage removed; no-punitive-exit paragraph (tightened. §4.3) two-properties opener (condensed. §5) bridging facility description updated to reflect GOV (v1.4 §8.8) symmetric bond structure; forward-reference to (GOV §8.8) (added. §6) verbosity reduced; retrospective inevitability removed from re-entry incentive (paragraph. §9) BEHAV re-summary condensed. CLOSE OQ 1 closure notice added. |
| 0.06 | 5 August 2026 | (CLOSE §9) restructured: CLOSE OQ 2, OQ 3, and OQ 4 folded into prose Limitations section; Open Questions section removed; CLOSE OQ 1 closure notice retained as closed-item record |
| 0.07 | 8 Aug 2026 | Rewrote Limitations |
| 0.08 | 14 Aug 2026 | Sanity-check corrections: header version corrected (was stuck at v0.5); (CLOSE §2) and (CLOSE §4.2) (GOV §10) cross-references updated to (GOV §6.1) / (GOV.B §G); (CLOSE §2) and (CLOSE §4.2) auction description corrected — taxpayer excluded from bidding, holds right of first refusal at highest third-party bid (was incorrectly described as entitled to bid alongside third parties); (CLOSE §2) cross-reference updated from (GOV §8.8) to (GOV.B §E.3). |
POL Revision History
| Revision | Date | Details |
|---|---|---|
| 0.01 | 26 July 2026 | First draft —§ 3 complete; remaining sections placeholder |
| 0.02 | 29 July 2026 | Full first draft complete: (POL §3)–§10 drafted; Appendix A (tiered citizenship); (POL §3) and (POL §4) placeholders removed and sections renumbered; abstract, glossary, and references added; introduction placeholder retained for parallel drafting |
| 0.03 | 03 August 2026 | All four open questions moved to Limitations and Further Work |
| 0.04 | 8 Aug 2026 | Rewrote Limitations |
| 0.05 | 14 Aug 2026 | Added (POL §5.5) and (POL §5.5) adressing the Advisor Corps and Governance structure objections |
PHASE1 Revision History
| Revision | Date | Details |
|---|---|---|
| 0.01 | 3 August 2026 | First draft scaffold |
| 0.02 | 8 Aug 2026 | Rewrote Limitations |
| 0.03 | 14 Aug 2026 | Sanity-check corrections: (PHASE1 §3), (PHASE1 §4.6), and (PHASE1 §4.6) cross-references to (GOV §8.6) updated to (GOV §6.3) (mandate-guardian properties now at that location following GOV restructuring); (PHASE1 §3) extended with a paragraph accounting for BEHAV-2 and #31 as received items without dedicated (PHASE1 §4.6) clusters, explaining their resolution paths. Abstract written (was placeholder). |
ENV Revision History
| Revision | Date | Details |
|---|---|---|
| 0.01 | 3 August 2026 | First draft. |
| 0.02 | 8 Aug 2026 | Rewrote Limitations. |
| 0.03 | 9 Aug 2026 | (ENV §4) retroactively subsectioned (ENV §4.1)–§4.3); (ENV §4)–§4.8 added (automation and tax-base migration); keywords updated; ENV-4 added to Open Questions. |
| 0.04 | 14 Aug 2026 | Sanity-check corrections: (ENV §2) “no ceiling” characterisation of understater penalty corrected — penalty compounds and plateaus at high growth rates (rate function logistic ceiling) rather than having no ceiling, consistent with VAL.A settled finding; (ENV §2) (BEHAV §7.4) cross-reference corrected to (BEHAV §7.2) (provisional refund notification is addressed under the Reciprocity Principle); Appendix A stale instruction to update 0.0 register entry for OQ #9 removed — that update had already occurred. |
| 0.05 | 15 Aug 2026 | Update (ENV §5) and (ENV §5) with new 2nd order effects |
FM Revision History
| Revision | Date | Details |
|---|---|---|
| 0.01 | 6 August 2026 | Initial draft |
| 0.02 | 6 August 2026 | Conciseness pass: throat-clearing removed throughout; redundant restatements cut; paragraph endings reordered to land on strongest sentence |
| 0.03 | 6 August 2026 | Full structural rewrite from plan: six sections collapsed to four; binary equilibrium foregrounded as cause rather than prediction; suppression strategy named explicitly; conditionality front-loaded from abstract |
| 0.04 | 6 August 2026 | Formatter pass: AI tells and verbosity |
| 0.05 | 7 August 2026 | Formatter pass: em dashes, references, paper count, AI tells in (FM §3.2) |
| 0.06 | 9 August 2026 | Laconic pass: prose compression, AI tells, em dashes, rhetorical closes throughout |
| 0.07 | 14 August 2026 | (FM §3.1) coverage ratio claim corrected: “across all starting conditions” qualified to worst-case reference scenario; full sweep range and median added |
MOD Revision History
| Revision | Date | Details |
|---|---|---|
| 0.01 | 7 August 2026 | Initial draft |
| 0.02 | 14 August 2026 | Orphaned keywords removed (“Valuation state”, “Convergence path”); front matter spacing corrected |
Revision History
| Revision | Date | Details |
|---|---|---|
| 0.01 | 31 May 2026 | First Draft |
| 0.02 | 15 August 2026 | Published to website |