Adviser questions HMRC anti-avoidance guidance

The business and financial advisory firm says while the rules which aim to prevent the “artificial” creation and use of capital losses to guarantee a tax advantage are being debated as part of the Finance Bill 2007, the guidance supplied by HMRC is not subject to the same level of scrutiny. It says the Revenue’s interpretation of the law will not receive the same formal examination and warns this guidance has already raised a number of queries about how the rules will be applied and suggests how it can be regulated is "questionable". Ian Luder, tax partner at Grant Thornton, says: “Grey ...