In response to the Autumn Statement delivered today, Paul Thompson, Tax & Estate Planning Consultant at Canada Life has said,

General Anti-Abuse Rule

“Although HMRC have announced that changes are to be made to the draft legislation in response to comments received in the consultation, most notably in relation to the “double reasonableness test”, details have yet to be seen.

“Amongst other changes, the list of example indicators of abusive tax arrangements has been amended and the revised legislation includes an example indicator of non-abusive arrangements. The wording of this must be strong to ensure there is no room for doubt and so that clearly abusive tax arrangements are caught while tax reduction by means of suitable planning survives”