Income Tax Act 2007 section 682

Overview of Chapter

Section 682 provides an overview of the Chapter dealing with counteracting income tax advantages arising from transactions in securities.

• This Chapter contains anti-avoidance rules targeting income tax advantages obtained through transactions in securities
• The provisions allow HMRC to counteract tax advantages where securities transactions are used to gain an income tax benefit
• Section 698 sets out the mechanism for issuing notices that counteract any identified income tax advantages
• The rules are derived from the former section 703(1) of the Income and Corporation Taxes Act and were rewritten by Finance Act 2010