Helen Lethaby gives her view on the impact of HMRC’s guidance on the GAAR, and comments on the recent decisions in Fidex and Bristol & West.
HMRC published its guidance on the new GAAR on 15 April (see lexisurl.com/GAARguidance) as approved by the outgoing interim advisory panel chaired by Graham Aaronson QC the architect of the original GAAR proposal. Its stated objectives are to give ‘in layperson’s language’ a broad summary of what the GAAR is designed to achieve and how it operates to achieve it and to be an aid to the interpretation and application of the GAAR. Quite how many of the laity will ever read the GAAR guidance and appreciate its at times sermon-like tone remains to be seen. The...
