Regulation 11 Confidentiality – other personsI1

United Kingdom

(1)

An arrangement which meets the following description is a notifiable arrangement.

(2)

In respect of the arrangement there is no promoter but a person (“P”)—

(a)

is, or is likely to be, a party to the arrangement; or

(b)

uses, or is likely to use, the arrangement,

for the purposes of a business carried on by P.

(3)

Paragraph (2) does not apply where the business carried on by P is a small or medium-sized enterprise.

(4)

It might reasonably be expected, were it not for this regulation, that P would wish that after the material date—

(a)

the arrangement; or

(b)

any element of the arrangement which obtains, or which may obtain, a tax advantage,

be kept confidential from HMRC.

(5)

Such a wish may reasonably be expected where it is reasonable to conclude that P intends—

(a)

to continue or to repeat the use after the material date of—

(i)

the arrangement; or

(ii)

any element of the arrangement which obtains, or which may obtain, a tax advantage or substantially the same as such an element; or

(b)

to reduce the risk that, were HMRC to have the information which may be required to be provided to it by virtue of the arrangement being a notifiable arrangement, HMRC may—

(i)

investigate or examine any return, claim or declaration made by P or another person to HMRC; or

(ii)

withhold payment of any or all of an amount claimed from HMRC by P or another person.

Annotations

Commencement

I1: Reg. 11 in force at 1.1.2018, see reg. 1