The prospect of a general anti-avoidance rule (GAAR) raises many concerns said the CIOT but Scottish chartered accountants had told the new Chancellor that ‘too many of the best brains in Britain are focused on tax avoidance’.
The ‘emergency’ Budget announced that HMRC will consult informally on the merits of introducing a GAAR in an effort to develop a more strategic approach to the risk of tax avoidance to prevent increasing complexity and reduce the need for frequent legislative change.
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