Tax panel’s opinion reinforces anti-avoidance regime

The general anti-abuse rule enacted in Finance Act 2013 is intended to deal with the most egregious tax avoidance, by counteracting tax advantages arising from “abusive” tax arrangements.

The first published opinion of the independent GAAR advisory panel, released on 3 August, was that the “abnormal and contrived” arrangements entered into by the taxpayers, who used gold bullion to reward key employees, failed the “reasonableness” test. Read more:

My article for AAT Comment, published by the Association of Accounting Technicians.