A summary of GAAR and how it may impact you
There has been much written about the new GAAR legislation since it came into force in July 2013 and the majority of articles are extremely technical and very lengthy. I thought it would be helpful to provide a summary of GAAR and how this may impact you.
The General Anti-Abuse Rule (GAAR), has been introduced in the UK as part of the governments endeavours to combat tax avoidance and evasion. Essentially the GAAR legislation defines what would be considered an ‘abusive tax arrangement’ and aims to counter tax avoidance. GAAR will apply to any arrangements entered into on or after 17 July 2013 and will have important impacts on tax planning arrangements going forward.
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