CFM39010 - Loan relationships: tax avoidance: overview of other anti-avoidance rules

Other anti-avoidance rules

The 바카라 사이트˜unallowable purposes바카라 사이트™ rule at CTA09/S441 (CFM38100), the rules on non-arm바카라 사이트™s length transactions (CFM38400) and the regime anti-avoidance rule (CFM38600) are the key anti-avoidance legislation within the loan relationships regime.

Guidance on the following provisions can also address avoidance concerns:

  • The 바카라 사이트˜disguised interest바카라 사이트™ rules (CFM42000) are a successor to the 바카라 사이트˜shares as debt바카라 사이트™ rules (CFM45000).
  • The 바카라 사이트˜transfers of income streams바카라 사이트™ rules (CFM77000).
  • 바카라 사이트˜Late-paid바카라 사이트™ interest (CFM35800).
  • Company migration (CFM33250).
  • 바카라 사이트˜Structured finance arrangements바카라 사이트™ or 바카라 사이트˜factoring바카라 사이트™ legislation (CFM73000).
  • Use of schemes to hedge index-linked gilt-edged securities (CFM39100).
  • Amounts not fully recognised for accounting purposes ({CFM39200}).
  • Group mismatch schemes (CFM77500).
  • See also the guidance on rules explained in the International Tax Manual (INTM). Note that many of the rules explained in the INTM apply to domestic transactions as well as cross-border situations.

Repealed rules

The following rules to address specific instances of avoidance have been repealed:

  • 바카라 사이트˜Tax relief schemes바카라 사이트™, which involve artificial payments of interest where the 바카라 사이트˜sole or main benefit바카라 사이트™ is to obtain tax relief - rules which pre-date the loan relationships legislation in FA96 (CFM39020);
  • Connected parties deriving benefit from creditor relationships (CFM39035);
  • Schemes that obtain a tax advantage from 바카라 사이트˜resetting바카라 사이트™ interest rates - so-called 바카라 사이트˜reset bonds바카라 사이트™ and 바카라 사이트˜mirror bonds바카라 사이트™ (CFM39040);
  • Disposals for consideration not fully recognised by accounting practice (CFM39080).
  • 바카라 사이트˜Hybrid securities바카라 사이트™ issued between connected companies (CFM39090).