Section 291B | Tariff receipts: counteraction of avoidance arrangements ^F1

(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.^F1

(2)The relevant tax advantage is to be counteracted by the making of such adjustments as are just and reasonable.^F1

(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—^F1

(a)an assessment,^F1

(b)the modification of an assessment,^F1

(c)amendment or disallowance of a claim,^F1

or otherwise.

(4)In this section—^F1

“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.