The arrival of the GAAR and the concept of abuse

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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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