S.L. 123.128 Art. 9Anti-abuse.

Where in relation to a transaction, or to a series of transactions, involving at some point a securitisation contract, sums are determined such that the originator or assignor, or any person which is controlled and beneficially owned directly or indirectly to the extent of more than 50% by the same shareholders, is in a position to obtain an undue advantage which has the effect of reducing their liability to tax in a manner which is not reconcilable with the object and purpose of these rules, the Commissioner shall consider any such transaction, or series thereof, to be a profit-making scheme for the purposes of the provisions of article 4(1)(a) of the Act and shall determine the relevant liability to tax in such manner and in such amount as may be necessary so as to nullify the said advantage.