A targeted anti-avoidance rule intended to counter arrangements to secure a tax advantage in the transition to a new regime for life insurance companies will take effect from 21 March 2012 ‘because there is a significant risk to tax revenue arising from the transition’.
The anti-avoidance rule, which has been the subject of consultation, ‘may be triggered by transactions and arrangements entered into from that date’. It will ‘ensure that the transition to the new regime operates as intended; that the Exchequer is protected; and that fairness is maintained in the tax system’, HMRC said as it published draft legislation to be included in the Finance Bill.
The new regime will take effect from 1 January 2013.
A targeted anti-avoidance rule intended to counter arrangements to secure a tax advantage in the transition to a new regime for life insurance companies will take effect from 21 March 2012 ‘because there is a significant risk to tax revenue arising from the transition’.
The anti-avoidance rule, which has been the subject of consultation, ‘may be triggered by transactions and arrangements entered into from that date’. It will ‘ensure that the transition to the new regime operates as intended; that the Exchequer is protected; and that fairness is maintained in the tax system’, HMRC said as it published draft legislation to be included in the Finance Bill.
The new regime will take effect from 1 January 2013.
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