The Exchequer Secretary to the Treasury (Michael Gauke MP) has announced a raft of new anti-avoidance measures some of which are being introduced with immediate effect.

The measures are designed to counter:

  • Group Mismatches
  • Accounting derecognition
  • Disguised remuneration (EFURBS and EBTs)
  • Functional currency
  • VAT supply splitting

He also announced that:

  • A study programme will run until 31 October 2011 with the aim of investigating the viability of a General Anti Avoidance Rule (GAAR).
  • The transfer of property into an IHT trust will become a notifiable arrangement under the Disclosure of tax avoidance schemes (DOTAS) rules from April 2011.

Further details are expected shortly.

Source: HM Treasury Anti-avoidance

 

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