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MIKE TRUMAN sets out the key points of new proposals for a general anti-avoidance rule
KEY POINTS
- Aaronson report proposes a GAAR.
- Only aimed at contrived tax avoidance schemes.
- Safeguards place burden of proof on HMRC and require reference to an advisory panel.
- Possible introduction from April 2013 would apply to all arrangements not completed by then.
As a young trainee inspector of taxes I remember reading the judgments in Rossminster as it went up through the Court of Appeal and the House of Lords.
I knew it was an important case but I struggled to make sense of the scheme with its complex transactions or the arcane discussions about the meaning of ‘debt on a security’.
I originally registered to write my CIOT fellowship thesis on ‘the Brightman line’ of tax avoidance cases but despaired of hitting such an ever-moving target and turned...
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