Ashley Greenbank and Nigel Doran contend that the GAAR, as set out in the draft provisions, is an anti-avoidance rule in all but name.
Barring any last minute changes to the Finance Bill clauses we now know the precise shape and nature of the UK’s first ever GAAR and in the draft guidance we now have our first valuable insight into how HMRC sees the GAAR operating in practice.
There has been no change since the June 2012 consultation document in the scope of the taxes covered by the GAAR. Furthermore despite representations it will apply to tax advantages arising from but conflicting with the purpose of a double...
