Section 51 Finance Act 2003
Section 51 Finance Act 2003: Tackling Tax Avoidance
Section 51 of the Finance Act 2003 introduced significant changes to the UK tax system, primarily aimed at combating tax avoidance schemes. It empowered Her Majesty’s Revenue and Customs (HMRC) with broader authority to counteract arrangements designed to reduce or eliminate tax liabilities. Specifically, it broadened the scope of anti-avoidance legislation and introduced new tools for HMRC to use against perceived tax loopholes.