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The Tax Avoidance Schemes (Information) (Amendment) Regulations 2008

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The Tax Avoidance Schemes (Information) (Amendment) Regulations 2008 List of acts
 Selected UK Acts and Regulations
    Wills and probate
 
Crown Copyright Acknowledged
CONTENTS

Statutory Instruments

2008 No. 1947

Taxes

The Tax Avoidance Schemes (Information) (Amendment) Regulations 2008

Made: 22nd July 2008

Laid before the House of Commons: 22nd July 2008

Coming into force: 1st November 2008

 

The Commissioners for Her Majesty’s Revenue and Customs make the following Regulations in exercise of the powers conferred by sections 312(2) and (5) and 312A(2) and (5) of the Finance Act 2004(1):

Citation and Commencement

1.  These Regulations may be cited as the Tax Avoidance Schemes (Information) (Amendment) Regulations 2008 and shall come into force on 1st November 2008.

Amendment of the Tax Avoidance Schemes (Information) Regulations 2004

2.  The Tax Avoidance Schemes (Information) Regulations 2004(2) are amended as follows.

3.  For regulation 7 substitute —

“Prescribed information under sections 312 and 312A

7.  For the purposes of sections 312(2) and (5) (duty of promoter to notify client of number) and 312A(2) (duty of client to notify parties of number) the prescribed information is the reference number (or if more than one, any one reference number) allocated under the provisions of section 311.”.

4.  After regulation 7 insert—

“Time for providing information under 312A

7A.  In the case of a notification under section 312A the prescribed period is the period of 30 days beginning with—

(a) the day on which the client first becomes aware of any transaction forming part of notifiable arrangements or proposed notifiable arrangements; or, if later,

(b) the day on which the prescribed information is notified to the client by the promoter under section 312.

Exemption from duty under section 312A

7B.  The duty of a client to notify other persons under section 312A does not apply to an employer of an employee where the employee by reason of employment receives or expects to receive a tax advantage in respect of income tax or capital gains tax as a result of notifiable arrangements or proposed notifiable arrangements.”.

 
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