Textual Amendments
F1Pt. 5 Ch. 2A inserted (with effect in accordance with Sch. 3 para. 7 of the amending Act) by Finance Act 2019 (c. 1), Sch. 3 para. 4 (with Sch. 3 para. 8)
Modifications etc. (not altering text)
C1Pt. 5 Ch. 2A: power to amend conferred (with effect in accordance with Sch. 3 para. 7 of the amending Act) by Finance Act 2019 (c. 1), Sch. 3 para. 10
(1)This section applies if a person has entered into any arrangements the main purpose, or one of the main purposes, of which is to obtain a tax advantage for the person as a result (wholly or partly) of—
(a)anything not being subject to the charge under section 608A, or
(b)any provisions of double taxation arrangements having effect in a case where the advantage is contrary to the object and purpose of the provisions.
(2)The tax advantage is to be counteracted by the making of such adjustments as are just and reasonable.
(3)The adjustments may be made (whether by an officer of Revenue and Customs or the person) by way of an assessment, the modification of an assessment, amendment or disallowance of a claim, or otherwise.
(4)Where this section applies by virtue of subsection (1)(b), the counteraction has effect despite section 6(1) of TIOPA 2010.
(5)In this [F2Chapter] “tax advantage” includes—
(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,
(e)deferral of a payment of tax or advancement of a repayment of tax, and
(f)avoidance of an obligation to deduct or account for tax.]
Textual Amendments
F2Word in s. 608W(5) substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Income Tax (Trading and Other Income) Act 2005 (Amendments to Chapter 2A of Part 5) Regulations 2019 (S.I. 2019/1452), regs. 1(1), 13