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Finance Bill published: HMRC appoints chairman of GAAR advisory panel

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The Finance Bill has been published on the parliament website. It has 232 clauses and 49 schedules.

The pdf version has 629 pages. Most of the measures were published in draft last December and were the subject of technical consultation. HMRC has provided links to explanatory notes and supporting documents.

The Bill includes the new general anti-abuse rule. The House of Commons is now in recess, and the second reading of the Finance Bill has been scheduled for 15 April, the day on which MPs return to parliament.

HMRC has announced that Patrick Mears, formerly a partner and head of tax at the law firm Allen & Overy, will chair the GAAR advisory panel.

The panel’s role is to approve HMRC guidance on the GAAR, and to provide opinions on cases where HMRC considers that the GAAR may apply.

‘The interim members of the advisory panel will continue in their appointments until 15 April in order to allow more time for them to approve the HMRC GAAR guidance, which will be published as the Finance Bill begins its parliamentary stages,’ HMRC said.