Section 291B — Corporation Tax Act 2010: Tariff receipts: counteraction of avoidance arrangements

Tariff receipts: counteraction of avoidance arrangements 291B 1 Subsection (2) applies if an arrangement has been entered into, the main purpose or one of the main purposes of which is to obtain a tax advantage by reference to section 291.

2 The relevant tax advantage is to be counteracted by the making of such adjustments as are just and reasonable.

3 Any adjustments required to be made under this section (whether or not by an officer of Revenue and Customs) may be made by way of—

a an assessment, b the modification of an assessment, c amendment or disallowance of a claim, or otherwise.

4 In this section— “ arrangement ” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable); “ tax advantage ” has the meaning given by section 1139.