June Budget – General Anti-Avoidance Rule (GAAR)
Both the Budget Red Book and a separate document, that talks about a new approach to tax policy, reference the possible introduction of a GAAR.
We are told that:
“HMRC will engage informally with interested parties over the summer to explore whether there is a case for developing a UK GAAR, taking into account other planned changes, such as corporate tax reform.”
The accountancy and tax professional bodies are likely to be heavily involved in such informal discussions.