Regulation 5 Amendments to the Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) Regulations 2006

For regulation 6 (description 1: confidentiality where promoter involved) substitute—

“6.

(1)

Arrangements are prescribed if—

(a)

any element of the arrangements (including the way in which the arrangements are structured) gives rise to the tax advantage expected to be obtained under the arrangements; and

(b)

it might reasonably be expected that a promoter would wish the way in which that element of those arrangements secures, or might secure, a tax advantage to be kept confidential from any other promoter at any time following the material date.

(2)

Arrangements are prescribed if the promoter would, but for the requirements of these Regulations, wish to keep the way in which the element of these arrangements that secures, or might secure, the tax advantage confidential from HMRC at any time following the material date, and a reason for doing so is to facilitate repeated or continued use of the same element, or substantially the same element, in the future.

(3)

In a case where—

(a)

by virtue of regulation 6 of the Promoters Regulations (persons not to be treated as promoters: legal professional privilege)^f1, no person is to be treated as the promoter in relation to the arrangements; or

(b)

by virtue of section 309(1) of FA 2004 (duty of person dealing with promoter outside United Kingdom), a user of the arrangements has a duty to provide prescribed information,

for paragraph (2) substitute—

(2)

Arrangements are prescribed if the user of the arrangements wishes to keep the way in which the element that secures the tax advantage confidential from HMRC at any time following the material date.”.