(1)In this Chapter “avoidance arrangements” means any arrangements the main purpose, or one of the main purposes, of which is to secure a deduction for the purposes of income tax, or any other income tax advantage, for any person.
(2)In subsection (1) “arrangements” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable).
(3)In subsection (1) “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, reduction or delay of a charge to income tax or assessment to income tax, or
(d)the avoidance of a possible assessment to income tax.
(4)In subsection (3)(a) “relief from income tax” includes a tax credit.
(5)For the purposes of subsection (3)(c) or (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.]
Textual Amendments
F1S. 572A inserted (21.7.2008 with effect in accordance with s. 63(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 23 para. 2