Regulation 1 Citation, commencement and effect

(1)

These Regulations may be cited as the Inheritance Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) Regulations 2017 and come into force on 1st April 2018.

(2)

These Regulations do not have effect—

(a)

for the purposes of section 308(1) of the Finance Act 2004 (duties of promoter relating to any notifiable proposal), if the relevant date falls before 1st April 2018;

(b)

for the purposes of section 308(3) of the Finance Act 2004 (duties of promoter relating to any notifiable arrangements), if the date on which the promoter first becomes aware of any transaction forming part of notifiable arrangements falls before 1st April 2018;

(c)

for the purposes of section 309(1) of the Finance Act 2004 (duty of person dealing with promoter outside the United Kingdom), and of section 310 of that Act (duty of parties to notifiable arrangements not involving promoter), if the date on which any transaction forming part of notifiable arrangements is entered into falls before 1st April 2018.

(3)

In paragraph (2)(a) “the relevant date” has the meaning given by section 308(2) of the Finance Act 2004.