General anti-avoidance rule: impermissible arrangements permit recharacterisation, disregard, and reallocation of tax attributes among parties. If an arrangement is declared an impermissible avoidance arrangement, the tax consequences may be determined by recharacterising or disregarding steps or the whole arrangement, treating accommodating or connected parties as the same person, and reallocating accruals, receipts, expenditures, deductions, reliefs or rebates among parties. The provision also permits treating equity as debt (or vice versa), recharacterising capital and revenue receipts, altering residence or situs for tax purposes, and looking through corporate structures to determine substantive tax treatment.