The GAAR is now in force. Jonathan Fisher and Ryan Hawthorne consider the issues around disclosure of a potentially contravening scheme in the ‘white space’
Tax practitioners will be familiar with the substantive issues in relation to the general anti-abuse rule (GAAR) as it is a topic that has been much discussed. However notwithstanding the extensive scrutiny to which the GAAR has been subjected there are a number of important practical aspects that have been overlooked to date in particular issues relating to disclosure enforcement and penalties. In what circumstances are taxpayers obliged to indicate on a return to HMRC that there is a possibility the GAAR might be engaged with reference to a tax arrangement which they have made? This...
