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Theory or reality?
KEY POINTS
- The general anti-abuse rule is moving from its theoretical base into practical tax areas.
- Would the anti-abuse rule apply to standard tax planning arrangements?
- Using a discretionary trust to transfer property tax free.
- Obtaining a tax advantage was the main purpose of the arrangements.
- The legislative tests to determine whether a tax arrangement is abusive.
- The professional obligation to document the work performed to conclude that the GAAR does not apply.
From being something of a theoretical exercise the general anti-abuse rule (GAAR) is now a reality. This was borne out in my article ‘Start of something big’ (Taxation 17 August 2017) – which reviewed the GAAR panel’s ruminations on whether an arrangement fell within the general anti-abuse rule – and a subsequent...
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