GAAR | General Anti Abuse Rule | General Anti Avoidance Rule | INOH inoh.org What G.A.A.R. means for UK contractors The General Anti Abuse Rule, commonly known as G.A.A.R., is now on the rule book. There is no case law to measure the effect of G.A.A.R. as yet, so its effect on UK contractors cannot be assessed. What we do know already is the taxation schemes to which it will apply. They are Capital Gains Tax, Corporation Tax plus any sums treated as Corporation Tax by H.M.R.C, Inheritance Tax, Income Tax, Petroleum Revenue Tax, and Stamp Duty Land Tax. Quite a list! As yet, theres no clear evidence on how G.A.A.R. will be applied. The examples given by H.M.R.C. are complex and unlike the normal tax planning arrangements made by contractors. It is clear that a key change will be the double reasonableness test. While we cant tell exactly what its effects will be, its certain that challenges to the reasonableness of choices made about tax planning will lead to longer decision-making processes. These include an advisory panel stage which could leave contractors waiting for a ruling for considerable periods of time. If youre uncertain about your tax planning, call a member of our experienced team today for expert advice. GAAR | General Anti Abuse Rule | General Anti Avoidance Rule | INOH inoh.org Please check out our other videos in our channel and subscribe to keep up to date with industry information: ift.tt/Wmrbrn To see how much you could save using our contractor tax planning solutions, please check out our contractor calculator: ift.tt/Wmrdj4 Follow us on Facebook: Connect with us on Twitter: Check our our LinkedIn: Further information from INOH.org: Gaar The General Anti Abuse Rule Gaar latest news gaar tax gaar tax avoidance gaars general anti abuse rule general anti abuse rules general anti-abuse rule general anti-abuse rules general anti avoidance rule general anti avoidance rules general anti-avoidance rule general anti-avoidance rules general anti avoidance rule definition general anti avoidance rule explained general anti avoidance rule meaning general anti avoidance rule uk general anti avoidance rules gaar general anti tax avoidance rule government tax laws government taxes hmrc contractors contracting tax contractor accountancy contractor accountancy services contractor accounting contractor tax advice contractor tax avoidance contractor tax planning contractor tax rates contractor tax solutions tax as a contractor tax avoidance tax avoidance and tax planning tax avoidance scheme tax avoidance scheme uk tax avoidance schemes tax avoidance schemes uk tax avoidance strategies GAAR | General Anti Abuse Rule | General Anti Avoidance Rule | INOH inoh.org
Posted on: Tue, 16 Sep 2014 14:09:46 +0000
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