Introduction
682Overview of Chapter
(1)This Chapter makes provision for counteracting income tax advantages obtained or obtainable by persons to whom section 684 applies in respect of a transaction or transactions in securities.
(2)See section 698 (counteraction notices) for the way in which the income tax advantages may be counteracted.
683Meaning of “income tax advantage”
(1)In this Chapter “income tax advantage” means—
(a)a relief from income tax or increased relief from income tax,
(b)a repayment of income tax or increased repayment of income tax,
(c)the avoidance or reduction of a charge to income tax or an assessment to income tax, or
(d)the avoidance of a possible assessment to income tax.
(2)For the purposes of subsection (1)(c) and (d) it does not matter whether the avoidance or reduction is effected—
(a)by receipts accruing in such a way that the recipient does not pay or bear income tax on them, or
(b)by a deduction in calculating profits or gains.
(3)In this section “relief from income tax” includes a tax credit.