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CGT avoidance
Following the Royal Assent to FA 2007, HMRC have published revised guidance on the capital gains tax targeted anti-avoidance rule (TAAR). The document, Capital gains tax — Avoidance through the creation and use of capital losses can be found on the Internet at www.hmrc.gov.uk/cgt/cgt-recent-developments.pdf and explains HMRC's interpretation of TCGA 1992, s 16A and how the legislation applies.
CGT avoidance
Following the Royal Assent to FA 2007, HMRC have published revised guidance on the capital gains tax targeted anti-avoidance rule (TAAR). The document, Capital gains tax — Avoidance through the creation and use of capital losses can be found on the Internet at www.hmrc.gov.uk/cgt/cgt-recent-developments.pdf and explains HMRC's interpretation of TCGA 1992, s 16A and how the legislation applies.
This guidance is intended to be read in conjunction with the statement on capital losses first published on 6 December 2006 and this is included as an annex to this guidance.
The guidance has information on the terminology, 'arrangements' and 'tax advantage' and 18 examples illustrating how the rules should work.
HMRC news release, 23 July 2007
