GAAR: How the UK has failed to learn from other countries’ anti-avoidance examples

Last week’s publication of Finance Bill 2013 confirmed the UK is to introduce a General Anti-Abuse Rule (GAAR) later this year. But there is no consensus that the proposed measure is necessary or that it will be effective. One criticism is that legislators have not taken on board the lessons learnt in other jurisdictions such as Australia, Canada, New Zealand and South Africa.