Paragraph 8 F1

(1)

A designated HMRC officer who has received a copy of a notice or notices under paragraph 6(3) in respect of a generic referral must consider the case of each notified taxpayer in accordance with sub-paragraph (2).

(2)

The officer must, having considered—

(a)

any opinion of the GAAR Advisory Panel about the matters referred to it, and

(b)

any representations made by the notified taxpayer under paragraph 7,

give to the notified taxpayer a written notice setting out whether the specified advantage is to be counteracted under the general anti-abuse rule.

(3)

If the notice states that a tax advantage is to be counteracted, it must also set out—

(a)

the adjustments required to give effect to the counteraction, and

(b)

if relevant, any steps that the taxpayer is required to take to give effect to it.

Annotations

Textual amendments

F1: Sch. 43B inserted (15.9.2016 with effect in accordance with s. 157(30) of the amending Act) by Finance Act 2016 (c. 24), s. 157(3)