# The Stamp Duty Land Tax (Avoidance Schemes) (Specified Proposals or Arrangements) Regulations 2012, Note: Explanatory note


(This note is not part of the Regulations)
These Regulations modify the effect of section 308 of the Finance Act 2004 (“FA 2004”). They create an exception, in relation to proposals and arrangements specified in these Regulations under powers contained in section 308(6)(b) of the FA 2004, to two rules. The first rule is contained in section 308(5) of the FA 2004. It states that a promoter in relation to two or more notifiable proposals or sets of notifiable arrangements, which are substantially the same, need not provide information under sections 308(1) or 308(3) of the FA 2004 if he has already provided information under either of these subsections in relation to any other proposals or arrangements. The second rule is contained in section 308(3) of the FA 2004. It states that the promoter does not have to provide the Board with prescribed information relating to arrangements if those arrangements implement a proposal in respect of which notice has been given under section 308(1) of the FA 2004.
Regulation 4 provides that the description of the notifiable proposals and notifiable arrangements specified in these Regulations is avoidance schemes in which section 45(3) of the Finance Act 2003 is engaged and the secondary contract contained in that section applies to transactions with specified features.
Regulation 6 of these Regulations provides that a promoter, who has made a disclosure of a notifiable proposal or a notifiable arrangement within the specified categories before 1st April 2010, has to make one further disclosure, if the promoter is a promoter after 1st November 2012 in relation to a notifiable proposal or notifiable arrangements that are of the same or substantially the same description as those in respect of which information had been provided by the promoter before 1st April 2010.
A Tax Information and Impact Note covering this instrument was published in December 2011 alongside the draft Finance Bill in December 2011. This will be updated as a result of changes to the impacts as a result of this instrument and will be available on the HMRC website at http://www.hmrc.gov.uk/thelibrary/tiins.htm.

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Source: https://www.legislation.gov.uk/uksi/2012/2396/note (the official version)
Page: https://openlegislation.uk/stamp-duty-land-tax-avoidance-schemes-specified-proposals-or-arrangements-regulations-2012/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.