Paragraph 11

(1)

Where the matter is referred to the GAAR Advisory Panel, the sub-panel must produce—

(a)

one opinion notice stating the joint opinion of all the members of the sub-panel, or

(b)

two or three opinion notices which taken together state the opinions of all the members.

(2)

The sub-panel must give a copy of the opinion notice or notices to—

(a)

the designated HMRC officer, and

(b)

the taxpayer.

(3)

An opinion notice is a notice which states that in the opinion of the members of the sub-panel, or one or more of those members—

(a)

the entering into and carrying out of the tax arrangements is a reasonable course of action in relation to the relevant tax provisions—

(i)

having regard to all the circumstances (including the matters mentioned in subsections (2)(a) to (c) and (3) of section 207), and

(ii)

taking account of subsections (4) to (6) of that section, or

(b)

the entering into or carrying out of the tax arrangements is not a reasonable course of action in relation to the relevant tax provisions having regard to those circumstances and taking account of those subsections, or

(c)

it is not possible, on the information available, to reach a view on that matter,

and the reasons for that opinion.

(4)

For the purposes of the giving of an opinion under this paragraph, the arrangements are to be assumed to be tax arrangements.

(5)

In this Part, a reference to any opinion of the GAAR Advisory Panel about any tax arrangements is a reference to the contents of any opinion notice about the arrangements.