SCHEDULE 14 Amendments Relating to the Operation of the GAAR
Finance Act 2020 (2020 c 14) | Legislation

SCHEDULE 14 Amendments Relating to the Operation of the GAAR

Section 101

Introduction

1

Part 5 of FA 2013 (the general anti-abuse rule) is amended as follows.

Protecting adjustments under the GAAR before time limits expire

2

In section 209 (counteracting the tax advantage), for subsection (6) substitute—

“(6)     But—

(a)     the effect of adjustments made by an officer of Revenue and Customs by virtue of this section is suspended until the procedural requirements of Schedule 43, 43A or 43B have been complied with, and

(b)     the power to make adjustments by virtue of this section is subject to any time limit imposed by or under any enactment other than this Part.

The provision made by this subsection needs to be read with sections 209AA to 209AC and has no effect on adjustments so far as made otherwise than by virtue of this section.â€

3

After section 209 insert—

“209AA Protective GAAR notices

(1)     An officer of Revenue and Customs may give a written notice (a “protective GAAR noticeâ€) to a person stating that the officer considers—

(a)     that a tax advantage might have arisen to the person from tax arrangements that are abusive,

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