The Tax Avoidance Schemes (Information) Regulations 2004
| Jurisdiction | UK Non-devolved |
| Citation | SI 2004/1864 |
| Year | 2004 |
2004 No. 1864
TAXES
The Tax Avoidance Schemes (Information) Regulations 2004
Made 22th July 2004
Laid before the House of Commons 22th July 2004
Coming into force 1st August 2004
The Commissioners of Inland Revenue, in exercise of the powers conferred upon them by section 132 of the Finance Act 19991, section 135 of the Finance Act 20022, and sections 308(1) and (3), 309(1), 310, 312, 313(1), (3) and (4)(g), 317(2) and 318(1) of the Finance Act 20043, make the following Regulations:
Citation, commencement and effect
1.—(1) These Regulations may be cited as the Tax Avoidance Schemes (Information) Regulations 2004 and shall come into force on 1st August 2004.
(2) These Regulations do not have effect in respect of proposals or arrangements (as the case may be) which are notifiable by virtue of any of the provisions of Part 2 of the Schedule to the Arrangements Regulations—
(a)
(a) for the purposes of section 308(1), if the relevant date in relation to a proposal falls before 22nd June 2004;
(b)
(b) for the purposes of section 308(3), if the date on which the promoter first becomes aware of any transaction forming part of arrangements falls before that date;
(c)
(c) for the purposes of sections 309 and 310, if the date on which any transaction forming part of arrangements is entered into falls before that date.
Interpretation
2. In the Regulations—
“the Act” means the Finance Act 2004, and a reference to a numbered section (without more) is a reference to the section of the Act which is so numbered;
“the Arrangements Regulations” means the Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) Regulations 20044;
“corporation tax” shall be construed in accordance with section 318(1);
“employment” has the same meaning as it has for the purposes of the employment income Parts of the Income Tax (Earnings and Pensions) Act 20035(see section 4 of that Act) and includes offices to which the provisions of those Parts that are expressed to apply to employments apply equally (see section 5 of that Act); and “employee” and “employer” have corresponding meanings;
“notifiable arrangements” has the meaning given by section 306(1);
“notifiable proposal” has the meaning given by section 306(2);
“promoter” has the meaning given by section 307;
“the prescribed taxes” means capital gains tax, corporation tax and income tax;
“the relevant date” has the meaning given by section 308(2).
Prescribed information in respect of notifiable proposals and arrangements
3.—(1) The information which must be provided to the Board by a promoter under section 308(1) in respect of a notifiable proposal is sufficient information as might reasonably be expected to enable an officer of the Board to comprehend the manner in which the proposal is intended to operate, including—
(a)
(a) the promoter’s name and address;
(b)
(b) details of the provision of the Arrangements Regulations by virtue of which the proposal is notifiable;
(c)
(c) a summary of the proposal and the name (if any) by which it is known;
(d)
(d) information explaining each element of the proposed arrangements (including the way in which they are structured) from which the tax advantage expected to be obtained under those arrangements arises; and
(e)
(e) the statutory provisions, relating to any of the prescribed taxes, on which that tax advantage is based.
(2) The information which must be provided to the Board by a promoter under section 308(3) in respect of notifiable arrangements is sufficient information as might reasonably be expected to enable an officer of the Board to comprehend the manner in which the arrangements are intended to operate, including—
(a)
(a) the promoter’s name and address;
(b)
(b) details of the provision of the Arrangements Regulations by virtue of which the arrangements are notifiable;
(c)
(c) a summary of the arrangements and the name (if any) by which they are known;
(d)
(d) information explaining each element of the arrangements (including the way in which they are structured) from which the tax advantage expected to be obtained under the arrangements arises; and
(e)
(e) the statutory provisions, relating to any of the prescribed taxes, on which that tax advantage is based.
(3) The information which must be provided to the Board by a client under section 309 (duty of person dealing with promoter outside the United Kingdom) in respect of notifiable arrangements is sufficient information as might reasonably be expected to enable an officer of the Board to comprehend the manner in which the arrangements are intended to operate, including—
(a)
(a) the client’s name and address;
(b)
(b) the name and address of the promoter;
(c)
(c) details of the provision of the Arrangements Regulations by virtue of which the arrangements are notifiable;
(d)
(d) a summary of the arrangements, and the name (if any) by which they are known;
(e)
(e) information explaining each element of the arrangements (including the way in which they are structured) from which the tax advantage expected to be obtained under the arrangements arises; and
(f)
(f) the statutory provisions, relating to any of the prescribed taxes, on which that tax advantage is based.
(4) The information which must be provided to the Board by a person obliged to do so by section 310 (duty of parties to notifiable arrangements not involving promoter) is sufficient information as might reasonably be expected to enable an officer of the Board to comprehend the manner in which the arrangements of which that transaction forms part are intended to operate, including—
(a)
(a) the name and address of the person entering into the transaction;
(b)
(b) details of the provision of the Arrangements Regulations by virtue of which the arrangements are notifiable;
(c)
(c) a summary of the arrangements and the name (if any) by which they are known;
(d)
(d) information explaining each element of the arrangements (including the way in which they are structured) from which the tax advantage expected to be obtained under the arrangements arises; and
(e)
(e) the statutory provisions, relating to any of the prescribed taxes, on which that tax advantage is based.
Time for providing information under section 308, 309 or 310
4.—(1) The period or time (as the case may be) within which the prescribed information under section 308, 309 or 310 must be provided to the Board is found in accordance with the following paragraphs of this regulation.
(2) In the case of a notification under section 308(1), the prescribed period is the period of 5 days beginning with the day after the relevant date.
(3) In the case of a notification under section 308(3), the prescribed period is the period of 5 days beginning with the day after that on which the promoter first becomes aware of any transaction forming part of arrangements to which that subsection applies.
(4) In the case of a notification under section 309(1), the prescribed period is the period of 5 days beginning with the day after that on which the client enters into the first transaction forming part of notifiable arrangements to which that subsection applies.
(5) In the case of a notification under section 310 the prescribed time is any time during the period—
(a)
(a) beginning with the day after that on which the person enters into the first transaction forming part of the notifiable arrangements; and
(b)
(b) ending with the latest time at which he would first have had to provide the Board with information under section 313 in accordance with regulation 8.
(6) In reckoning any period under this regulation or regulation 5 any day which is a non-business day within the meaning of section 92 of the Bills of Exchange Act 18826shall be disregarded.
(7) Where paragraph (2), (3) or (4) applies, if the prescribed period referred to in that paragraph would otherwise end before 30th September 2004, it shall instead end upon that date.
(8) This regulation is subject to regulations 5 (statutory clearances) and 6 (transitional provisions).
Statutory clearances
5.—(1) If—
(a)
(a) a promoter must provide information under subsection (1) of section 308;
(b)
(b) the relevant date by reference to which he must provide that information is that referred to in subsection (2)(a) of that section; and
(c)
(c) he reasonably expects to make an application on behalf of a client under any of the provisions listed in paragraph (3) (“a clearance application”);
the prescribed period is that beginning with the day after the relevant date and ending with the applicable date.
(2) The applicable date is—
(a)
(a) the date on which the first transaction occurs in pursuance of the arrangements, or
(b)
(b) if the promoter ceases to hold the reasonable expectation referred to in paragraph (1)(c) 5 days after he ceases to hold it.
(3) The provisions are—
(a)
(a) sections 215, 225, 444A and 707 of the Income and Corporation Taxes Act 19887; and
(b)
(b) sections 138, 139, 140B and 140D of the Taxation of Chargeable Gains Act 19928.
Time for providing information under section 308, 309 or 310: transitional provisions
6.—(1) Where paragraph (2) or (3) applies, the prescribed period or time (as the case may be) to be found in accordance with regulation 4 shall end upon 31st October 2004 instead of the day on which it would end by virtue of that regulation.
(2) This paragraph applies in respect of proposals or arrangements (as the case may be) that are notifiable by virtue of any of the provisions of Part 1 of the Schedule to the Arrangements Regulations—
(a)
(a) for the purposes of section 308(1), if the relevant date in relation to a proposal falls within the period beginning with 18th March 2004 and ending with 31st July...
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