Explanatory note

These Regulations amend the Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) Regulations 2006 (S.I. 2006/1543) in relation to aspects of the confidentiality hallmarks and to replace the redundant pensions hallmark with a new hallmark relating to employment income provided through third parties.

Regulations 3 to 8 make amendments to when certain arrangements will be prescribed. Changes are made to clarify when arrangements which a promoter might wish to keep confidential from either HM Revenue and Customs, or other promoters, must be disclosed. A change is also made to the circumstances when arrangements must be disclosed by a user; these are extended to where that user might in the future become a promoter in relation to arrangements.

Regulations 9 to 11 replace the redundant pensions hallmark with the employment income provided through third parties hallmark, and remove a redundant revocation provision.

A Tax Information and Impact Note covering this instrument was published on 11th December 2012 and is available on the HMRC website at http://www.hmrc.gov.uk/tiin/2012/tiin8003.htm. It remains an accurate summary of the impacts that apply to this instrument.