Textual Amendments
F1Pt. 3A inserted (1.4.2018) by Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (anaw 1), ss. 66, 81(2)(3); S.I. 2018/34, art. 3
(1)WRA must, after the expiry of the 45 day period mentioned in section 81F(2)(e)(i) or such longer period as WRA has agreed to, issue a notice (a ““final counteraction notice””) to the taxpayer.
(2)A final counteraction notice must state whether the tax advantage arising from the tax avoidance arrangement is to be counteracted by means of an adjustment under section 81E.
(3)In determining whether the tax advantage is to be counteracted WRA must have regard to any written representations made by the taxpayer.
(4)If a final counteraction notice states that a tax advantage is to be counteracted by means of an adjustment the notice must also—
(a)specify the adjustment required to give effect to the counteraction,
(b)where the adjustment relates to a tax return in respect of which an enquiry is in progress, specify the amendment of the return which is to be included in the closure notice issued under section 50 when WRA reaches it conclusions in the enquiry,
(c)where paragraph (b) does not apply—
(i)be accompanied by the WRA assessment which gives effect to the adjustment, or
(ii)where a WRA assessment giving effect to the adjustment has been made, specify that assessment, and
(d)specify any amount that the taxpayer—
(i)will be required to pay as a result of the amendment specified under paragraph (b), or
(ii)is required to pay in accordance with the WRA assessment mentioned in paragraph (c).
(5)If a final counteraction notice states that a tax advantage is not to be counteracted it must state the reasons for WRA's decision.]