The following Tax practice note provides comprehensive and up to date legal information covering:
FORTHCOMING CHANGE: With effect from Royal Assent to the Finance Bill 2021 (FB 2021), it is expected that:
HMRC will be able to apply the GAAR to a partnership, with counteraction taking place through the partnership statement and then carried through to the partners benefiting from the tax advantage (ie making the GAAR procedure work consistently with how HMRC conducts partnership tax enquiries and amends tax returns in respect of partnerships)
the GAAR penalty will be levied on the partners and based on the value of each partner’s counteracted advantage, and
the representative member of a partnership would benefit from the existing safeguards, such as the right to make representations, the right to appeal (where relevant) and the GAAR panel’s role in providing an independent review
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 the purpose of the GAAR
sets out when the GAAR applies and considers:
the meaning of tax arrangements and tax advantages
the taxes covered by
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Practical completion marks the end of the construction period of a project, when the works are 'finished' and the employer can occupy and/or use them. Practical completion also typically marks the start of the defects liability period/maintenance period.As explained below, practical completion is an
This Precedent letter covers disclosure obligations under CPR 31. It does not apply to proceedings subject to the disclosure pilot scheme under CPR PD 51U. For guidance on the disclosure pilot scheme, see Practice Note: Business and Property Courts—the disclosure pilot scheme. For a client letter on
Definition of automatismAn act is done in a state of automatism if it is done by the body without control by the mind, (eg it is a spasm or a reflex), or if it is done by a person who is not conscious of what they are doing. The act may be described as involuntary, but will not be regarded as such
Deceit—what is it?A deceit occurs when a misrepresentation is made with the express intention of defrauding a party, subsequently causing loss to that party.The elements of a claim in deceit are:•a clear false representation of fact or law•fraud by the maker, in the sense that they knew that the
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.