Textual Amendments
F1S. 1 cross-heading substituted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 23 para. 21
(1)Section 1 does not apply if it would otherwise apply only as a result of avoidance arrangements.
(2)In this section—
“arrangements” include any scheme, transaction or series of transactions, agreement or understanding, whether or not legally enforceable;
“avoidance arrangements” means any arrangements which it is reasonable in all the circumstances—
to conclude are, or include steps that are, contrived, abnormal or lacking a genuine commercial purpose, or
to regard as circumventing the intended limits of the application of section 1 or otherwise exploiting shortcomings in that section or in provision made in or under sections 2 and 3.
Commencement Information
I1S. 4 in force at Royal Assent