Section 4 | Anti-avoidance

(1)Section 1 does not apply if it would otherwise apply only as a result of avoidance arrangements.

(2)In this section—

“arrangements” include any scheme, transaction or series of transactions, agreement or understanding, whether or not legally enforceable;

“avoidance arrangements” means any arrangements which it is reasonable in all the circumstances—

to conclude are, or include steps that are, contrived, abnormal or lacking a genuine commercial purpose, or

to regard as circumventing the intended limits of the application of section 1 or otherwise exploiting shortcomings in that section or in provision made in or under sections 2 and 3.