HMRC has published new guidance for the General Anti-Abuse Rule (GAAR), following approval by the GAAR Advisory Panel.

By way of reminder, the GAAR applies to the following taxes:

• Income Tax
• Corporation Tax (including amounts chargeable or treated as Corporation Tax)
• Capital Gains Tax
• Inheritance Tax
• Petroleum Revenue Tax
• Stamp Duty Land Tax
• Annual Tax on Enveloped Dwellings

It should be noted that the GAAR does not currently cover VAT or National Insurance Contributions but will be extended to those areas in the future. The GAAR will have effect in relation to any arrangements which are entered into on or after the date on which Finance Bill 2013 is passed into law, which is expected to be in July.