What does GAAR mean in UNCLASSIFIED
GAAR stands for Government Anti Avoidance Rules. The aim of GAAR is to prevent taxpayers from entering into artificial and contrived arrangements for the purpose of avoiding tax. This includes arrangements which lack commercial substance, or are intended to exploit gaps in existing taxation rules.
GAAR meaning in Unclassified in Miscellaneous
GAAR mostly used in an acronym Unclassified in Category Miscellaneous that means Govt Anti Avoidance Rules
Shorthand: GAAR,
Full Form: Govt Anti Avoidance Rules
For more information of "Govt Anti Avoidance Rules", see the section below.
Essential Questions and Answers on Govt Anti Avoidance Rules in "MISCELLANEOUS»UNFILED"
What do the Government Anti Avoidance Rules apply to?
The GAAR applies to avoidance arrangements entered into on or after 17th July 2014. It allows HMRC to counter any tax advantages they consider have been obtained through such arrangements.
Who enforces the Government Anti Avoidance Rules?
HMRC is responsible for enforcing the GAAR and determining when it might be applicable in a given case.
What type of avoidance activities does the Government Anti Avoidance Rules target?
The GAAR will apply in cases where there has been a deliberate attempt to avoid a recognised UK tax liability through contrived arrangements that lack commercial substance, or which exploit gaps in current UK tax legislation.
Does the Government Anti Avoidance Rules supersede existing legislation and regulations?
The GAAR does not supersede existing legislation and regulations, but it can be used by HMRC as an additional tool to counter artificial avoidance schemes by disallowing any tax advantage gained from them.
How is a decision made under the Government Anti Avoidance Rules?
A decision under the GAAR will be made by either an HMRC officer or an independent tribunal appointed by HMRC. In some circumstances, decisions may also be referred directly to a court of law if necessary.
Final Words:
In summary, the Government Anti Avoidance Rules are designed to ensure that taxpayers do not use artificial arrangements or exploit gaps in current taxation rules for avoiding UK taxes legitimately due. By doing this, it allows HMRC to counter these activities more effectively and take appropriate action where necessary.
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