The general anti-abuse rule (GAAR) is now the law of the land and forms part of the legislative framework n which we must operate as taxpayers and advisers. Whether or not we agree with it is neither here nor there. FA 2013, Part 5 sets out all the rules and we have some detailed guidance issued by HMRC and the GAAR Advisory Panel (including numerous examples covering all the relevant taxes). The GAAR has come in for some serious criticism, but is it fair?
This article first appeared in Taxation on 2 July 2015.