{
  "url": "https://openlegislation.uk/tax-avoidance-schemes-prescribed-descriptions-of-arrangements-regulations-2006/note",
  "json_url": "https://openlegislation.uk/tax-avoidance-schemes-prescribed-descriptions-of-arrangements-regulations-2006/note.json",
  "legislation": "uksi/2006/1543",
  "legislation_title": "The Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) Regulations 2006",
  "legislation_url": "https://openlegislation.uk/tax-avoidance-schemes-prescribed-descriptions-of-arrangements-regulations-2006",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Regulations)\nThese Regulations make fresh provision for the disclosure of tax avoidance schemes in relation to income tax, corporation tax and capital gains tax. They replace the Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) Regulations 2004 (S.I. 2004/1863, amended by S.I. 2004/3429).\nRegulation 1 deals with the citation and commencement of the Regulations.\nRegulations 2 to 4 deal with interpretation.\nRegulation 5 introduces the descriptions of arrangements prescribed by these Regulations.\nRegulations 6 and 7 prescribe with arrangements which a promoter or (where he is obliged to report them) a user might wish to keep confidential from either Her Majesty’s Revenue and Customs or other promoters.\nRegulation 8 prescribes arrangements for which a promoter might reasonably expect a premium fee.\nRegulation 9 prescribes arrangements where —\n(a) the tax advantage arises, to more than an incidental degree, from the inclusion of a financial product;\n(b) a promoter or someone connected with him becomes a party to the financial product;\n(c) the price of the financial product differs significantly from what might reasonably be expected in the open market.\nRegulation 10 prescribes arrangements which involve the use of standardised tax products.\nRegulation 11 contains a list of arrangements which do not fall within regulation 10.\nRegulation 12 prescribes arrangements which are made available to more than one individual and are expected to generate losses to enable individuals to reduce their income tax or capital gains tax liability.\nRegulations 13 to 17 prescribe arrangements which include a plant or machinery lease.\nRegulation 18 provides for the revocation of the 2004 Regulations and an amending instrument.\nA full regulatory impact assessment in respect of these Regulations has been prepared and is available on the website of HM Revenue and Customs at www.hmrc.gov.uk/ria/#full.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2006/1543/note",
    "retrieved_at": "2026-10-29T04:27:26.898694+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}