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The regime TAAR for loan relationships

Speed read

The Summer Finance Bill includes a new TAAR for the loan relationships regime. As currently drafted, the TAAR counteracts loan-related tax advantages arising from arrangements where the advantage was the main purpose, or one of the main purposes, of the arrangement. It is hoped the new regime TAAR will be less problematic than either the original anti-avoidance rule now in CTA 2009 s 441 or the GAAR; and it must be better than the judicial activism shown in recent tribunal decisions based on the ‘fairly represent’ rule in CTA 2009 s 307.

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