The finance bill will receive royal assent in July officially introducing the General Anti-Abuse Rule (GAAR).
The General Anti-Abuse Rule aims to reverse any tax advantage gained through the use of an abusive scheme. It will be applied to National Insurance contributions, Capital gains, Income tax, Corporate Tax, Inheritance tax, petrol revenue tax and stamp duty land tax.
The key aim behind GAAR is that every tax payer should contribute their fair share. A noble aspiration but will it help clarify what is acceptable tax planning or will there be year of legal wrangling and uncertainty until the definition of “abuse” is tested?
Investigo’s tax team would like to hear your thoughts on GAAR and how you expect this to effect your ability to do your role going forward. Our team can be contacted at firstname.lastname@example.org