Regulation 13 Standardised tax productsI1
United Kingdom
An arrangement which meets the following description is a notifiable arrangement.
A promoter of the arrangement makes it available for implementation by more than one other person.
It might reasonably be concluded by a person who has studied the arrangement and who has had regard to all relevant circumstances that conditions 1 to 3 are met.
Condition 1 is that the arrangement has standardised or substantially standardised documentation—
the purpose of which is to enable a person other than the promoter to implement the arrangement;
the form of which is determined by the promoter; and
the substance of which does not need to be tailored to any material extent to enable a person to implement the arrangement.
Condition 2 is that—
a person who intends to implement the arrangement must enter into a specific transaction or series of specific transactions; and
the transaction or series of transactions is standardised or substantially standardised in form.
Condition 3 is that—
the main purpose of the arrangement is to enable a person to obtain a tax advantage; or
it is unlikely that a person would enter into the arrangement were it not that the person or another person may obtain a tax advantage.
Annotations
Commencement
- I1
Reg. 13 in force at 1.1.2018, see reg. 1