Revenue Note for Guidance
This section makes provision for the exclusion of certain types of arrangements from the scope of hallmark A.3.
(1) For the purposes of this section, the term “specified arrangement” means an arrangement that is within one of the classes of arrangements specified in Schedule 34.
(2) A specified arrangement will not contain hallmark A.31 where:
(3) The conditions referred to in subsection (2) are as follows:
1 Paragraph (3) of category A of the hallmarks describes an arrangement that has substantially standardised documentation and/or structure and is available to more than one relevant taxpayer without a need to be substantially customised for implementation.
2 The main benefit test will be satisfied if it can be established that a tax advantage is the main benefit or one of the main benefits which, having regard to all relevant facts and circumstances, a person may reasonably expect to obtain from an arrangement (Annex IV of the Directive).
3 Section 811C denies any person the benefit of a tax advantage created through the use of a tax avoidance transaction.
Relevant Date: Finance Act 2021