SCHEDULE 14 Amendments Relating to the Operation of the GAAR
Finance Act 2020 (2020 c 14) | Legislation

SCHEDULE 14 Amendments Relating to the Operation of the GAAR

Section 101

Introduction

1

Part 5 of FA 2013 (the general anti-abuse rule) is amended as follows.

Protecting adjustments under the GAAR before time limits expire

2

In section 209 (counteracting the tax advantage), for subsection (6) substitute—

“(6)     But—

(a)     the effect of adjustments made by an officer of Revenue and Customs by virtue of this section is suspended until the procedural requirements of Schedule 43, 43A or 43B have been complied with, and

(b)     the power to make adjustments by virtue of this section is subject to any time limit imposed by or under any enactment other than this Part.

The provision made by this subsection needs to be read with sections 209AA to 209AC and has no effect on adjustments so far as made otherwise than by virtue of this section.”

3

After section 209 insert—

“209AA Protective GAAR notices

(1)     An officer of Revenue and Customs may give a written notice (a “protective GAAR notice”) to a person stating that the officer considers—

(a)     that a tax advantage might have arisen to the person from tax arrangements that are abusive,

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Proprietary estoppel

Proprietary estoppelThis Practice Note considers proprietary estoppel from a generic standpoint.For industry specific guidance on proprietary estoppel, see Practice Notes:•Estoppel and property law•Mortgages by estoppelProprietary estoppel—what is it?Unlike the other forms of estoppel (see Practice

LEXISNEXIS

A married but non-cohabiting couple are looking to extend their leave under Tier 2 (General). They have

A married but non-cohabiting couple are looking to extend their leave under Tier 2 (General). They have not been living at the same address in the UK since 2017 but are in a genuine relationship. What effect will this have on their extension application?Immigration Rules, Part 8, para 319C sets out

LEXISNEXIS

Financial Conduct Authority—Principles for Businesses (PRIN)

Financial Conduct Authority—Principles for Businesses (PRIN)This Practice Note explains the Principles for Businesses (PRIN) set down by the Financial Conduct Authority (FCA). The Principles form part of the FCA’s High Level Standards set out in the FCA’s Handbook. The Principles are a general

LEXISNEXIS

What happens when a client receives a custodial sentence?

What happens when a client receives a custodial sentence?This Practice Note reflects the procedural code for sentencing offenders in England and Wales (Sentencing Code) that applies from 1 December 2020, as set out in Parts 2–13 of the Sentencing Act 2020 (SA 2020). For those considering whether the