ARTICLE · 24 APRIL 2013

Weekly Tax Update - 22 April, 2013

Smith & Williamson

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A discussion on the most important and recent tax updates.

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Smith & Williamson

1 GENERAL NEWS

1.1 Updated guidance on the general anti-abuse rule (GAAR)

Updated guidance (approved by the interim Advisory Panel) on the general anti-abuse rule was published on 15 April 2013. The guidance now covers:

Purpose, summary and specific points (parts A, B and C, which expand the previous part A guidance on scope)
Examples: part D, expanded to cover 36 examples, and a section on the transitional application rules. This section now includes three examples on PAYE & NIC, though nothing on share schemes. The previous guidance on examples was known as part B and covered only fifteen examples.
Procedure (now part E, previously part C).

The examples aim to cover the following broad categories:

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