http://www.legislation.gov.uk/asp/2014/16/section/70/notesExplanatory Notes to Revenue Scotland and Tax Powers Act 2014Scottish GovernmentenKing's Printer for Scotland2015-08-04
<Citation URI="http://www.legislation.gov.uk/id/asp/2014/16" id="c00001" Class="ScottishAct" Year="2014" Number="0016">Revenue Scotland and Tax Powers Act 2014</Citation>
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24 September 2014
The Act<CitationSubRef id="c00215" URI="http://www.legislation.gov.uk/id/asp/2014/16/part/5" CitationRef="c00001" SectionRef="part-5">Part 5</CitationSubRef> – the General Anti-Avoidance RuleCounteracting tax advantages
<CitationSubRef id="c00261" URI="http://www.legislation.gov.uk/id/asp/2014/16/section/70" CitationRef="c00001" SectionRef="section-70">Section 70</CitationSubRef> – Counteraction of tax advantages: payment of tax charged <Abbreviation Expansion="et cetera" xml:lang="la">etc.</Abbreviation>
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Section 70 provides that, where a taxpayer has been sent a notice of counteraction under section 64, the taxpayer must pay any tax amount, penalty or interest which is payable within 30 days of the notice being issued.
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Subsection (2) stipulates that if the tax advantage is to be counteracted, the notice must explain the adjustments required to give effect to the counteraction, and any steps required of the taxpayer in this regard.