Explanatory note

These Regulations prescribe the information which is to be given to the Inland Revenue under Part 7 of the Finance Act 2004 (“the 2004 Act” c. 12) in respect of tax avoidance schemes which are prescribed by the Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) Regulations 2004 (S.I. 2004/xxx).

Regulation 1 provides for the citation, commencement and effect of these Regulations and regulation 2 for interpretation of terms used in them.

Regulation 3 prescribes the information to be given in respect of notifiable proposals and arrangements.

Regulation 4 prescribes the time at which the information under regulation 3 is to be given. This is subject to regulations 5 and 6.

Regulation 5 provides a longer period for the provision of that information if it is provided in conjunction with a clearance application to the Board of Inland Revenue (“the Board”).

Regulation 6 provides a longer period by way of transitional provisions for cases where certain relevant dates fall before 1st August 2004 (the date on which the provisions of Part 7 of the 2004 Act come into force generally).

Regulation 7 prescribes the information relating to any reference number notified to him by the Board that a promoter must notify to any client.

Regulation 8 prescribes the time at which information prescribed under section 313 of the 2004 Act is to be delivered to the Board.

Regulation 9 prescribes section 98A(4) of the Taxes Management Act 1970 for the purposes of section 313(4)(g) of the 2004 Act (exemption from liability to penalty under other provisions about returns in respect of duty to notify Board of reference number for notifiable arrangements).

Regulation 10 provides for information required to be delivered to the Board or to any other person by virtue of these Regulations to be delivered by means of electronic communications.

These Regulations impose new costs on business. A regulatory impact assessment in respect of the effects of the 2004 Act prepared by the Inland Revenue was published on 8th April 2004 and is available on the Inland Revenue website (www.inlandrevenue.gov.uk).