SCHEDULES

F1SCHEDULE 34APromoters of tax avoidance schemes: defeated arrangements

Annotations:
Amendments (Textual)
F1

Sch. 34A inserted (15.9.2016) by Finance Act 2016 (c. 24), s. 160(5)

PART 2Meaning of “relevant defeat”

“Defeat” of arrangements

15

1

Condition E is that the arrangements are disclosable VAT arrangements to which a taxable person (“T”) is a party and—

a

the arrangements relate to the position with respect to VAT of a person other than T (“S”) who has made supplies of goods or services to T,

b

the arrangements might be expected to enable T to obtain a tax advantage in connection with those supplies of goods or services,

c

the arrangements have been counteracted, and

d

the counteraction is final.

2

For the purposes of this paragraph the arrangements are “counteracted” if—

a

HMRC assess S to tax or take any other action on a basis which prevents T from obtaining (or obtaining the whole of) the tax advantage in question, or

b

adjustments are made on a basis such as is mentioned in paragraph (a).