Section 4 Anti-avoidanceI1

Section 1 does not apply if it would otherwise apply only as a result of avoidance arrangements.

In this section—

• “arrangements” include any scheme, transaction or series of transactions, agreement or understanding, whether or not legally enforceable;

• “avoidance arrangements” means any arrangements which it is reasonable in all the circumstances—

  1. (a)

     to conclude are, or include steps that are, contrived, abnormal or lacking a genuine commercial purpose, or

  2. (b)

     to regard as circumventing the intended limits of the application of section 1 or otherwise exploiting shortcomings in that section or in provision made in or under sections 2 and 3.