Regulation 3 Amendments to the Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) Regulations 2006

In regulation 2(2) (interpretation: general)—

After the definition of “business” insert—

• ““HMRC” means Her Majesty’s Revenue and Customs”.

After the definition of “the Information Regulations” insert—

• ““the material date” means whichever of the following is applicable—

  1. (a)

     for a proposal notifiable under section 308(1) of FA 2004^f1, the relevant date (as defined in section 308(2) of FA 2004);

  2. (b)

     for arrangements notifiable under section 308(3) of FA 2004, the date the promoter first becomes aware of any transaction forming part of the notifiable arrangements; or

  3. (c)

     for arrangements notifiable under section 309 or 310 of FA 2004, the date the person enters into any transaction forming part of the notifiable arrangements.”.

Omit the definition of “lease”, “lessor” and “lessee””.

In the description of “plant or machinery lease” for “regulation 14” substitute “section 70K CAA 2001^f2”.