Who will guard the guardians?

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...