The government has launched draft legislation and a formal consultation on a new general anti-abuse rule (GAAR) that aims to tackle artificial and abusive tax avoidance schemes.
The consultation follows an independent review led by Graham Aaronson QC which concluded that introducing a targeted rule would deter artificial tax avoidance schemes and help create a more level playing field for businesses. Chancellor George Osborne announced in the 2012 Budget that such a rule would be introduced in the 2013 Finance Bill. The consultation follows informal discussions held by government with business, tax practitioners and representative bodies. As recommended by Graham Aaronson's review, the proposed GAAR will apply to the main direct taxes and National Insuranc...
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