The following Tax practice note provides comprehensive and up to date legal information covering:
The general anti-abuse rule (the GAAR):
counteracts (by the making of adjustments on a just and reasonable basis by HMRC or the taxpayer)
tax advantages that would, ignoring the GAAR, arise from abusive tax arrangements, and
has applied since 17 July 2013 (the date of Royal Assent to the Finance Act 2013 (FA 2013)) except that, in respect of National Insurance contributions (NICs), it has only applied since 13 March 2014
This Practice Note discusses:
what the GAAR advisory panel is and its purpose
the interrelationship between the GAAR panel and the GAAR guidance, as well as the role of the GAAR guidance
the role of the GAAR panel's opinions in applying the GAAR not only to the specific tax arrangements that were referred to the GAAR panel, but also to equivalent tax arrangements entered into by other taxpayers without having to refer those arrangements to the panel as well, and
the potential impact of the panel's opinions
If a taxpayer receives a protective GAAR notice, a notice of proposed counteraction, a pooling notice or a notice of binding on or after 22 July 2020 and does not appeal against the making of the adjustments in that notice, the notice is treated as if it was given as a final GAAR counteraction notice and the GAAR procedural requirements (such as a referral of specific tax arrangements
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