# The Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) (Amendment) Regulations 2016, Regulation 6: Amendment of the Tax Avoidance Schemes (Prescribed Description of Arrangements) Regulations 2006


For regulation 10 (Description 5: standardised tax products) substitute—
“Description 5: standardised tax products
10. (1) Subject to regulation 11, arrangements are prescribed if a promoter makes the arrangements available for implementation by more than one person and the conditions in paragraph (2) are met.
(2) The conditions are that an informed observer (having studied the arrangements and having regard to all relevant circumstances) could reasonably be expected to conclude that—
(a) the arrangements have standardised, or substantially standardised, documentation—
(i) the purpose of which is to enable a person to implement the arrangements;
(ii) the form of which is determined by the promoter; and
(iii) the substance of which does not need to be tailored, to any material extent, to enable a person to implement the arrangements;
(b) a person implementing the arrangements must enter into a specific transaction or series of specific transactions;
(c) the transaction or series of transactions is standardised, or substantially standardised, in form; and
(d) either the main purpose of the arrangements is to enable a person to obtain a tax advantage or the arrangements would be unlikely to be entered into but for the expectation of obtaining a tax advantage.”

---
Source: https://www.legislation.gov.uk/uksi/2016/99/regulation/6 (the official version)
Page: https://openlegislation.uk/tax-avoidance-schemes-prescribed-descriptions-of-arrangements-amendment-regulations-2016/regulation-6
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.