Ramsay principle
C2CEFR level
93/100Rarity: very rare
TechnicalRegister
The purposive approach under which a series of preordained, self-cancelling steps in a tax scheme is viewed as a single composite transaction.
Under the Ramsay principle, the court disregarded the circular payments and taxed the true end result.
Rarity runs from 0 (a word everyone knows) to 100 (almost never seen outside specialist or literary writing). Level is the word's real difficulty on the CEFR scale, from A1 to C2.
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