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(1)If there are tax arrangements that are abusive, the tax advantages that would (ignoring this Part) arise from the arrangements are to be counteracted by the making of adjustments.
(2)The adjustments required to be made to counteract the tax advantages are such as are just and reasonable.
(3)The adjustments may be made in respect of the tax in question or any other tax to which the general anti-abuse rule applies.
(4)The adjustments that may be made include those that impose or increase a liability to tax in any case where (ignoring this Part) there would be no liability or a smaller liability, and tax is to be charged in accordance with any such adjustment.
(5)Any adjustments required to be made under this section (whether by an officer of Revenue and Customs or the person to whom the tax advantage would arise) may be made by way of an assessment, the modification of an assessment, amendment or disallowance of a claim, or otherwise.
(6)But—
(a)no steps may be taken by an officer of Revenue and Customs by virtue of this section unless the procedural requirements of Schedule 43 have been complied with, and
(b)the power to make adjustments by virtue of this section is subject to any time limit imposed by or under any enactment other than this Part.
(7)Any adjustments made under this section have effect for all purposes.
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