Introduction Details of the Section
2.Subsection (2) adds section 98A of the Income Tax Act 2007 (ITA) to the list of sections with which section 96 of ITA needs to be read.
3.Subsection (3) inserts new section 98A of ITA (Denial of relief for tax-generated payments or events).
4.New section 98A(1) provides that no post-cessation trade relief (including relief by way of claim under section 261D of the Taxation of Chargeable Gains Act 1992) is available to a person in respect of a payment or an event which is made or occurs in consequence of, or in connection with, relevant tax avoidance arrangements.
5.New section 98A(2) defines “relevant tax avoidance arrangements” for the purposes of new section 98A(1).
6.New section 98A(3) defines “arrangements” and “section 261D claim” for the purposes of new section 98A.
7.Subsection (4) adds section 98A of ITA to the list of sections which apply to post-cessation property relief in the same way as for post-cessation trade relief.
8.Subsections (5) and (6) provide commencement rules.
9.Subsection (7) defines “an unconditional obligation” for the purposes of subsections (5) and (6).