The Targeted Anti-Avoidance Rules – implications for closing a company
What is the TAAR? The Targeted Anti-Avoidance Rules (TAARs) have been with us for some time. First introduced in Finance Act 2016, it is now found in the Taxation (Trading and Other Income) Act 2005, section 396B, and is designed to prevent the former practice of ‘phoenixing’, whereby a shareholder,