HMRC beat a hasty retreat on treaty anti-avoidance but it remains to be seen whether the OECD will back off from the ‘beneficial ownership’ debate, explains Helen Lethaby in this month's briefing
Treaty anti-avoidanceOn 1 August as trailed in Budget 2011 HMRC published a technical note containing draft legislation designed to counter schemes exploiting treaty relief.
The draft legislation (intended for inclusion in Finance Bill 2012) included two sets of provisions one applying to UK residents and the other to non-UK residents each aimed at preventing persons benefiting from the provisions of a treaty where entitlement to treaty relief would not be available but for the putting in place of a scheme a main purpose of which...
