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This is quite telling
"The GAAR is intended to be capable of altering the tax consequences of abusive arrangements if the consequence claimed is one that manifestly would not have been countenanced by Parliament had it forseen the arrangement and the claimed tax consequences. Such arrangements inevitably seek to take advantage of perceived limitations, or shortcomings in, the tax legislation" -
...and further more they are considering what to do with arrangements that were started before April 2013 and haven't been concluded. Outstanding EBT loans spring to mind. I suspect this is exactly what they're considering here.I'm alright JackComment
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So will this GAAR put an end to the new offshore schemes that have replaced EBT's?"The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People must again learn to work, instead of living on public assistance." CiceroComment
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