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35.—(1) This regulation applies if a relevant transfer forms part of an unallowable arrangement.
(2) If paragraph (1) is satisfied the following Cases shall apply.
Case 1
Case 1 is where as a result of the arrangement any party to the relevant transfer obtains a relief from tax (including a tax credit) or an increased relief from tax.
Where Case 1 applies, the relief from tax, or increased relief from tax, shall not be allowed.
Case 2
Case 2 is where as a result of the arrangement any party to the relevant transfer obtains a repayment of tax or an increased repayment of tax.
Where Case 2 applies, the repayment of tax, or the increased repayment, shall not be allowed.
Case 3
Case 3 is where as a result of the arrangement any party to the relevant transfer avoids, reduces or delays a charge or assessment to tax.
Where Case 3 applies, a charge or an assessment to tax may be made upon that party.
Case 4
Case 4 is where as a result of the arrangement any party to the relevant transfer avoids a possible assessment to tax.
Where Case 4 applies, an assessment to tax may be made upon that party.
(3) For the purposes of this regulation an arrangement is an unallowable arrangement where the purpose, or one of the main purposes, of a person in being a party to the relevant transfer is to obtain a tax advantage as a result of that transfer for that person or any other person.
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