# The Finance Act 2014 (High Risk Promoters Prescribed Information) Regulations 2015, Note: Explanatory note


(This note is not part of the Regulations)
These Regulations make provision about information to be provided to HMRC by promoters of tax avoidance schemes that are being monitored by HMRC, intermediaries who communicate information about tax avoidance schemes and their clients.
Regulation 2 prescribes the types of publication and correspondence in which monitored promoters must include information about their monitored status for the purposes of sections 249(1) and 249(10) of the Act.
Regulation 3 prescribes the form and manner in which the information on a promoter’s monitored status is required to be set out in any notification of their monitored status, any publication on the internet or other publication or correspondence for the purposes of section 249(11) of the Act.
Regulation 4 prescribes, for the purposes of sections 253(2)(b) and 253(4)(b) of the Act, information to be reported to HMRC by a person who has been notified of a promoter reference number by a promoter of a tax avoidance scheme and the person expects to obtain a tax advantage from that scheme.
Regulation 5 prescribes, for the purposes of sections 253(2)(b) and 253(4)(b) of the Act, the form and manner in which the prescribed information in regulation 4 is to be reported.
Regulation 6 prescribes the time that the report of the promoter reference number in section 253(1) of the Act must be notified to HMRC for the purposes of sections 253(2)(b) and 253(4)(b) of the Act.
Regulation 7 prescribes the information required to be provided to HMRC by a person who is subject to monitoring by HMRC and who has been issued with a notice requiring them to provide information and documents on all monitored tax avoidance proposals and arrangements under section 257(2) of the Act.
Regulation 8 prescribes the information which must be provided to HMRC by monitored promoters about their clients, for the purposes of section 259(9)(b) of the Act.
Regulation 9 prescribes the information which must be provided to HMRC by intermediaries about their clients, for the purposes of section 260(7)(b) of the Act.
Regulation 10 prescribes, for the purposes of section 261(2) of the Act, the information which must be provided by a monitored promoter or intermediary where an authorised officer suspects that information has not been provided about a person who has been or is likely to be a party to a transaction implementing a proposal or forming part of arrangements to avoid tax.
Regulation 11 prescribes the conditions and exceptions which apply where a person is required to produce a document under section 255, 257 or 262 of the Act and wishes to replace the original of that document with a copy.
A Tax Information and Impact Note covering this instrument was published on 17th July 2014 and is available on the HMRC website at https://www.gov.uk/government/publications/promoters-of-tax-avoidance-schemes. It remains an accurate summary of the impacts that apply to this instrument.

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Source: https://www.legislation.gov.uk/uksi/2015/549/note (the official version)
Page: https://openlegislation.uk/finance-act-2014-high-risk-promoters-prescribed-information-regulations-2015/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.