Q&A on GAAR

While every attempt will be made to ensure that information provided is accurate at the time of publication, it should be treated as guidance only and does not constitute legal or professional advice. Tax law and guidance changes frequently and readers are advised to consult the current relevant publication for the most up-to-date information on this topic.

HMRC has published an unusual piece of guidance: its first guidance approved by an independent panel. It covers the new general anti-abuse rule, which is intended to enter into force on Royal Assent to the 2013 Finance Bill.

What's the GAAR about?

The purpose of the GAAR is to deter taxpayers from entering into abusive arrangements, and to deter would-be promoters from promoting such arrangements. Where the GAAR applies, arrangements which would otherwise achieve a tax advantage will be overruled and a 'just and reasonable' adjustment applied...

Download the full guidance note