Treating tax avoidance

The GAAR is intended to compliment existing anti-avoidance legislation by plugging the gaps where current legislation does not prevent abusive tax planning taking place by counteracting the tax advantages being sought. The GAAR Advisory Panel approved HMRC's GAAR Guidance on 15 April 2013 which has two main objectives: the first is to give a broad summary of what the GAAR is designed to achieve and how it operates; the second is to act as an aid to the interpretation and application of the GAAR. The guidance is divided into five parts with the purpose and status of the guidance (Part ...