The Inheritance Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) Regulations 2011

• Citation: S.I. 2011/170
• Sections: 3

Section 1 Citation and commencement

These Regulations may be cited as the Inheritance Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) Regulations 2011 and come into force on 6th April 2011.

Section 2 Prescribed description of arrangements in relation to inheritance tax

(1) For the purposes of Part 7 of the Finance Act 2004 (disclosure of tax avoidance schemes) the arrangements specified in paragraph (2) are prescribed in relation to inheritance tax.

(2) Arrangements are prescribed if —

(a) as a result of any element of the arrangements property becomes relevant property; and

(b) a main benefit of the arrangements is that an advantage is obtained in relation to a relevant property entry charge.

(3) In this regulation—

“property” shall be construed in accordance with section 272 of the Inheritance Tax Act 1984 ;

“relevant property” has the meaning given by section 58(1) of the Inheritance Tax Act 1984 ;

“relevant property entry charge” means the charge to inheritance tax which arises on a transfer of value made by an individual during that individual’s life as a result of which property becomes relevant property;

“transfer of value” has the meaning given by section 3(1) of the Inheritance Tax Act 1984.

Section 3 Prescribed description of arrangements in relation to inheritance tax

Arrangements are excepted from disclosure under these Regulations if they are of the same, or substantially the same, description as arrangements—

(a) which were first made available for implementation before 6th April 2011; or

(b) in relation to which the date of any transaction forming part of the arrangements falls before 6th April 2011; or

(c) in relation to which a promoter first made a firm approach to another person before 6th April 2011.