Rupert Shiers of McGrigors LLP and Pete Miller of Ernst & Young LLP review the history and interpretation of 'whole or main' purpose test
Rupert Shiers of McGrigors LLP and Pete Miller of Ernst & Young LLP review the history and interpretation of 'whole or main' purpose test
At least in people's minds HMRC's view of avoidance can vary a little from time to time. However one clear indicator that they may wish to attack a transaction is that it has a tax avoidance motive. It is now fairly clear that a Ramsay approach does not allow them to disallow reliefs obtained in a transaction simply because it was entered into for tax reasons. This means that they are often forced to rely on specific anti-avoidance legislation.
In fact...
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Rupert Shiers of McGrigors LLP and Pete Miller of Ernst & Young LLP review the history and interpretation of 'whole or main' purpose test
Rupert Shiers of McGrigors LLP and Pete Miller of Ernst & Young LLP review the history and interpretation of 'whole or main' purpose test
At least in people's minds HMRC's view of avoidance can vary a little from time to time. However one clear indicator that they may wish to attack a transaction is that it has a tax avoidance motive. It is now fairly clear that a Ramsay approach does not allow them to disallow reliefs obtained in a transaction simply because it was entered into for tax reasons. This means that they are often forced to rely on specific anti-avoidance legislation.
In fact...
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:
