[F1Tax avoidance arrangementsU.K.
Textual Amendments
F1Sch. 2A inserted (with effect in accordance with Sch. 39 para. 11 of the amending Act) by Finance Act 2013 (c. 29), Sch. 39 para. 3
18(1)Relief may not be claimed—U.K.
(a)under paragraph 15 if the assignment of rights referred to in sub-paragraph (1)(b) of that paragraph forms part of any tax avoidance arrangements, or
(b)under paragraph 16 if the qualifying subsale referred to in sub-paragraph (1)(c) of that paragraph forms part of any tax avoidance arrangements.
(2)Arrangements are “tax avoidance arrangements” if, having regard to all the circumstances, it would be reasonable to conclude that the obtaining of a tax advantage for the original purchaser or any other person was the main purpose, or one of the main purposes, of the original purchaser in entering into the arrangements.
(3)In this paragraph “tax advantage” means—
(a)a relief from tax or increased relief from tax,
(b)a repayment of tax or increased repayment of tax,
(c)the avoidance or reduction of a charge to tax, or
(d)the avoidance of a possible assessment to tax.
(4)In this paragraph “arrangements” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable).
(5)Nothing in paragraphs 12 to 14 (minimum consideration rule) or this paragraph affects the breadth of the application of sections 75A to 75C (anti-avoidance).]