Finance Act 2014 (c. 26)

SCHEDULES

[F1 SCHEDULE 34A U.K. Promoters of tax avoidance schemes: defeated arrangements

Textual Amendments

F1 Sch. 34A inserted (15.9.2016) by Finance Act 2016 (c. 24), s. 160(5)

PART 2 U.K. Meaning of “relevant defeat”

“Defeat” of arrangements U.K.

15 (1) Condition E is that the arrangements are disclosable VAT arrangements to which a taxable person (“T”) is a party and— U.K.

(a) the arrangements relate to the position with respect to VAT of a person other than T (“S”) who has made supplies of goods or services to T,

(b) the arrangements might be expected to enable T to obtain a tax advantage in connection with those supplies of goods or services,

(c) the arrangements have been counteracted, and

(d) the counteraction is final.

(2) For the purposes of this paragraph the arrangements are “counteracted” if—

(a) HMRC assess S to tax or take any other action on a basis which prevents T from obtaining (or obtaining the whole of) the tax advantage in question, or

(b) adjustments are made on a basis such as is mentioned in paragraph (a).]