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

• Citation: S.I. 2008/1947
• Sections: 4

Section 1 Citation and Commencement

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

Section 2 Amendment of the Tax Avoidance Schemes (Information) Regulations 2004

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

Section 3 Amendment of the Tax Avoidance Schemes (Information) Regulations 2004

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.

Section 4 Amendment of the Tax Avoidance Schemes (Information) Regulations 2004

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.