The arrival of the GAAR and the concept of abuse
The General Anti-Abuse Rule (GAAR) was introduced in the Finance Act 2013 to counteract ‘tax advantages arising from tax arrangements that are abusive’. The GAAR specifically aims to combat arrangements that are demonstrably contrary to the spirit of the law, seek to exploit shortcomings in legislation or are contrived or abnormal and produce tax results that are inconsistent with the economic effect of the underlying transactions…
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When undertaking due diligence exercises in property purchases, a standard construction enquiry is usually raised of the seller to ask if there is a health and safety file.
This article focuses on the reforms affecting the generation of electricity, which is a regulated sector in the UK and the EU.
Analysis from The Lawyer
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