HMRC have published updated general anti-abuse rule (GAAR) guidance, effective from 28 March 2018.
HMRC’s GAAR guidance is for use to assist in recognising abusive tax arrangements and the process for counteracting them. Part A sets out the purpose and status of the guidance; Part B provides a summary of what the GAAR is designed to achieve and how it operates to achieve it and Part C addresses specific points.
Part D (which has not been updated) contains examples and Part E sets out the GAAR procedure. Parts A to D of the guidance have been approved by the independent GAAR Advisory Panel. The Panel also provides guidance to HMRC and users of tax arrangements for dealing with cases referred to the GAAR Advisory Panel. For arrangements before the latest guidance was published reference should be made to earlier versions.