Paragraph 3 F1

United Kingdom

(1)

The decision F2of a designated HMRC officer whether or not to give R a pooling notice or notice of binding must be taken, and any notice must be given, as soon as is reasonably practicable after F3the officer becomes aware of the relevant facts.

(2)

A pooling notice or notice of binding must—

(a)

specify the tax arrangements in relation to which the notice is given and the tax advantage,

(b)

explain why the officer considers R's arrangements to be equivalent to the lead arrangements or the counteracted arrangements (as the case may be),

(c)

explain why the officer considers that a tax advantage has arisen to R from tax arrangements that are abusive,

(d)

set out the counteraction that the officer considers ought to be taken, and

(e)

explain the effect of—

(i)

paragraphs 4 to 10,

(ii)

subsection (9) of section 209, and

(iii)

section 212A.

(3)

A pooling notice or notice of binding may set out steps that R may (subject to subsection (9) of section 209) take to avoid the proposed counteraction.

Annotations

Textual amendments

F1: Sch. 43A inserted (15.9.2016 with effect in accordance with s. 157(30) of the amending Act) by Finance Act 2016 (c. 24), s. 157(2)
F2: Words in Sch. 43A para. 3(1) inserted (5.12.2017) by The General Anti-Abuse Rule Procedure (Amendment) Regulations 2017 (S.I. 2017/1090), regs. 1, 5(a)
F3: Words in Sch. 43A para. 3(1) substituted (5.12.2017) by The General Anti-Abuse Rule Procedure (Amendment) Regulations 2017 (S.I. 2017/1090), regs. 1, 5(b)