Helen Lethaby reviews recent developments affecting the City, including the recently published draft legislation on the new annual residential property tax, developments concerning tax transparent funds and recent appointments to the GAAR interim advisory panel.
GAAR interim advisory panel
There has been quite a bit of frustration expressed at the fact that the draft guidance on the proposed new general anti-abuse rule (GAAR) released in December included only a handful of easy examples where the assumed fact patterns would point fairly clearly to the GAAR applying or not applying. Following the announcement on 25 January of appointments to the interim advisory panel (www.hmrc.gov.uk/news/gaar.htm) which is tasked with approving the final form of the initial guidance the chances of the guidance sensibly...
