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