The GAAR will overtake or overrule any other priority rule irrespective of its terms. Priority rules are those which are expressed in the legislation to have effect to the exclusion of, or in priority to, anything else.

Some examples of priority rules are:

(a)the rule in CTA 2009, s. 464, 699 or 906 (priority of loan relationships rules, derivative contracts rules and intangible fixed assets rules for corporation tax purposes); and

(b)the rule in TIOPA 2010, s. 6(1) (effect to be given to double taxation arrangements despite anything in any enactment).

(FA 2013, s. 212)

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