Regulation 2 InterpretationI1

In these Regulations—

• “element”, in relation to a notifiable arrangement, includes the way in which the arrangement is structured;

• “material date” means the following dates, as applicable—

  1. (a)

     where paragraph 11(1) of the Schedule applies to a promoter, the relevant date as defined by paragraph 11(3) of the Schedule;

  2. (b)

     where paragraph 12(1) of the Schedule applies to a promoter, the date on which the promoter first becomes aware of any transaction forming part of the arrangements;

  3. (c)

     where paragraph 17(1) or 18(1) of the Schedule applies to a person, the date on which the person enters into any transaction forming part of any notifiable arrangements;

• “the Schedule” means Schedule 17 to the Finance (No. 2) Act 2017;

• “VAT advantage” means a tax advantage in relation to VAT^f1.

The following have the same meaning in these Regulations as they do in the stated provisions of the Value Added Tax Act 1994^f2—

• “belongs”, section 9^f3;

• “exempt supply”, section 31^f4 and Schedule 9;

• “reduced rate of VAT”, section 29A^f5;

• “standard rate of VAT”, the rate in force under section 2(1)^f6.