Section 59C | Sections 59A and 59B: tax avoidance arrangements ^F1

(1)This section applies if arrangements are entered into the main purpose, or one of the main purposes, of which is—

(a)to secure that a balancing charge under section 59A or 59B is not chargeable on a company, or

(b)to secure a reduction in the amount, or a change in the timing, of a balancing charge under section 59A or 59B which is chargeable on a company.

(2)Sections 59A and 59B are to have effect as if the arrangements had not been entered into.

(3)In this section “arrangements” include any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable).