The reference is to an ‘anti-abuse’ rule gives some hope that the GAAR proposals will be close to the Aaronson proposition, says James Bullock.
For the second year running the Budget was a pretty quiet one from the perspective of tax dispute resolution. In common with many aspects of tax it appears that announcements are now made routinely in the course of the year – and Budgets are less exciting.
General Anti-Abuse Rule
The biggest news is probably the announcement of the General Anti-Abuse Rule (GAAR) which will be introduced in 2013. The report of the Aaronson Committee published in November 2011 recommended an anti-abuse (as opposed to an anti-avoidance) rule. This would be targeted at artificial and abusive tax avoidance...
