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- Original (As enacted)
This is the original version (as it was originally enacted).
(1)Any relevant tax advantage that would (in the absence of this section) be obtained as a result of relevant arrangements is to be counteracted by the making of such adjustments as are just and reasonable.
(2)A tax advantage is “relevant” if that advantage is connected with a super-deduction or an SR allowance (for example, the obtaining of such a first-year allowance or the avoidance of a balancing charge under section 12 or 13).
(3)Arrangements are “relevant” if—
(a)the purpose, or one of the main purposes, of the arrangements is to obtain a relevant tax advantage, and
(b)it is reasonable, taking account of all the relevant circumstances—
(i)to conclude that the arrangements are, or include steps that are, contrived, abnormal or lacking a genuine commercial purpose, or
(ii)to regard the arrangements as circumventing the intended limits of relief under CAA 2001 or otherwise exploiting shortcomings in that Act.
(4)Any adjustments required to be made under this section (whether or not by an officer of Revenue and Customs) may be made by way of—
(a)an assessment,
(b)the modification of an assessment,
(c)amendment or disallowance of a claim (whether a claim for a first-year allowance or otherwise),
or otherwise.
(5)In this section—
“arrangements” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable);
“tax advantage” is to be construed in accordance with section 577(4) of CAA 2001.
(6)This section has effect in relation to any relevant arrangements entered into on or after 3 March 2021.
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