# The Finance Act 2014 (Schedule 34 Prescribed Matters) Regulations 2015, Note: Explanatory note


(This note is not part of these Regulations)
These Regulations are made under paragraphs 8(1), 8(3)(l) and 9(2) of Schedule 34 to the Finance Act 2014 (c. 26) (“Schedule 34”). Section 283(1) of the Finance Act 2014 is included in the vires as it is an interpretation provision which defines “prescribed” for the purposes of Part 5 of that Act.
Regulation 2 prescribes kinds of misconduct for the purposes of paragraph 8(1)(a) of Schedule 34.
Regulation 3 prescribes action taken by a professional body in relation to prescribed misconduct for the purposes of paragraph 8(1)(b) of Schedule 34.
Regulation 4 prescribes kinds of penalties for the purpose of paragraph 8(1)(c) of Schedule 34.
Regulation 5 adds two new organisations which are prescribed as professional bodies under paragraph 8(3) of Schedule 34: the Chartered Institute of Taxation and Chartered Accountants Ireland.
Regulation 6 prescribes, in relation to disciplinary action by a regulatory authority, a sanction for the purpose of paragraph 9 of Schedule 34.
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/2015/131/note (the official version)
Page: https://openlegislation.uk/finance-act-2014-schedule-34-prescribed-matters-regulations-2015/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.