Paragraph 17

(1)

A transaction achieves a reduction in United Kingdom tax if, had the transaction not been effected, any person—

(a)

would have been liable for any such tax or for a greater amount of any such tax; or

(b)

would not have been entitled to a relief from or repayment of any such tax or would have been entitled to a smaller relief from or repayment of any such tax.

(2)

In this Part of this Schedule and section 748(3) “United Kingdom tax” means income tax, corporation tax or capital gains tax.

Notes on Schedule 25

Textual amendments

F1: Sch. 25 heading substituted (with effect in accordance with Sch. 17 para. 37 of the amending Act) by Finance Act 1998 (c. 36), Sch. 17 para. 25; S.I. 1998/3173, art. 2