Introduction Summary
1.Sections 206 to 215 and Schedule 43 introduce a general anti-abuse rule (GAAR) that provides for counteraction of tax advantages arising from tax arrangements that are abusive. The GAAR applies to income tax, corporation tax including amounts chargeable/treated as corporation tax, capital gains tax, petroleum revenue tax, inheritance tax, and stamp duty land tax. It will also apply to the annual tax on enveloped dwellings due to be enacted with effect from 1 April 2013. Schedule 41 outlines the procedural requirements relevant to the application of the GAAR by HM Revenue & Customs (HMRC).