04 April 2007
Correspondence from readers on topical subjects.
TAAR trouble
Under the Pre-Budget Report, the Government announced a new targeted anti-avoidance rule (TAAR) for capital losses. A general statement of principles was accompanied by draft legislation and HMRC guidance notes (the 'Original Guidance').
The Original Guidance stated that the Government's intention was that the TAAR should only catch taxpayers who 'deliberately and knowingly entered into arrangements intended to avoid tax …. [where there were] additional, complex or costly steps involved'.
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