Part 13Tax avoidance

Chapter 1Transactions in securities

Appeals

705Appeals against counteraction notices

1

A person on whom a counteraction notice has been served may appeal to the Special Commissioners on the grounds that—

a

section 684 (person liable to counteraction of income tax advantage) does not apply to the person in respect of the transaction or transactions in question, or

b

the adjustments directed to be made are inappropriate.

2

Such an appeal may be made only by giving notice to the Commissioners for Her Majesty's Revenue and Customs within 30 days of the service of the counteraction notice.

3

On an appeal under this section the Special Commissioners may—

a

affirm, vary or cancel the counteraction notice, or

b

affirm, vary or quash an assessment made in accordance with the notice.

4

But the bringing of an appeal under this section (or a request for its rehearing under section 706) does not affect—

a

the validity of the counteraction notice, or

b

the validity of any other thing done under or in accordance with section 698 (counteraction notices),

pending the determination of the proceedings.