Who will guard the guardians?

John Brinsmead-Stockham

Under the new general anti-abuse rule (GAAR) the advisory panel will play a vital role but significant concerns remain as to how the panel will operate in practice and how its independence will be ensured.

In the brave new world of the GAAR the GAAR advisory panel (‘the panel’) will have two key functions:

first to review consider and approve (as appropriate) the GAAR guidance which is to be drafted by HMRC; and
second to give opinions in particular cases referred to the panel as to whether the arrangements in question are ‘abusive’ or instead constitute ‘reasonable’ tax planning (‘a reasonable course of action in relation to the relevant tax provisions’).

Both the guidance (approved by the panel) and any...

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In the brave new world of the GAAR the GAAR advisory panel (‘the panel’) will have two key functions:

first to review consider and approve (as appropriate) the GAAR guidance which is to be drafted by HMRC; and
second to give opinions in particular cases referred to the panel as to whether the arrangements in question are ‘abusive’ or instead constitute ‘reasonable’ tax planning (‘a reasonable course of action in relation to the relevant tax provisions’).

Both the guidance (approved by the panel) and any...

If you or your firm subscribes to Taxjournal.com, please click the login box below:

If you do not subscribe but are a registered user, please enter your details in the following boxes: