Explanatory note

These Regulations prescribe the descriptions of arrangements that lead to an inheritance tax advantage, so as to be notifiable arrangements for the purposes of Part 7 of the Finance Act 2004 (disclosure of tax avoidance schemes).

Regulations 1 and 2 provide for the citation, commencement, effect and interpretation.

Regulations 3 and 4 set out the conditions in relation to inheritance tax which, if both conditions are met, mean that arrangements fall within the description of prescribed arrangements for the purposes of section 306(1)(a) of the Finance Act 2004.

Regulation 5 excepts from being prescribed, arrangements which are substantially the same as arrangements entered into before 1st April 2018 and accepted by HMRC as according with established practice.

Regulation 6 revokes the Inheritance Tax Avoidance Schemes (Prescribed Description of Arrangements) Regulations 2011 and makes a consequential amendment.

A Tax Information and Impact Note covering this instrument was published on 10 December 2014 alongside the Autumn Statement 2014 and is available on the HMRC website at http://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins. It remains an accurate summary of the impacts that apply to this instrument.