This is the original version (as it was originally enacted).
(1)A “tax advantage” includes in particular—
(a)relief or increased relief from tax,
(b)repayment or increased repayment of tax,
(c)avoidance or reduction of a charge to tax or an assessment to tax,
(d)avoidance of a possible assessment to tax, and
(e)deferral of a payment of tax or advancement of a repayment of tax.
(2)In determining whether a tax avoidance arrangement has resulted in a tax advantage, regard may be had to the amount of tax that would have been payable in the absence of the arrangement.
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