The Tax Avoidance Schemes (Information) (Amendment) Regulations 2011

• Citation: S.I. 2011/171
• Sections: 5

Section 1 Citation and commencement

These Regulations may be cited as the Tax Avoidance Schemes (Information) (Amendment) Regulations 2011 and come into force on 6th April 2011.

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

(1) Amend regulation 2 (interpretation) as follows.

(2) After the definition of “the Arrangements Regulations” insert—

“the IHT Arrangements Regulations ” means the Inheritance Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) Regulations 2011 ;

(3) In the definition of “the prescribed taxes” after “income tax” insert “, inheritance tax”.

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

(1) Amend regulation 3 (prescribed information in respect of notifiable proposals and arrangements) as follows.

(2) In paragraphs (1)(b), (2)(b), (3)(c) and (4)(b), after “Arrangements Regulations” insert “, the IHT Arrangements Regulations”.

Section 5 Amendment of the Tax Avoidance Schemes (Information) Regulations 2004

(1) Amend regulation 8 (prescribed information under section 313: timing and manner of delivery) as follows.

(2) In paragraphs (2), (4), (12)(in both places) and (13)(b) for “(8)” substitute “(8A)”.

(3) After paragraph (8) insert—

(8A) Subject to paragraphs (11A), (12) and (13) in the case of a person who—

(a) is a party to notifiable arrangements which are prescribed by the Inheritance Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) Regulations 2011; and

(b) is required to make a return to HMRC under section 216 of the Inheritance Tax Act 1984 in respect of a transaction forming part of the notifiable arrangements,

the prescribed information shall be notified to HMRC in the return under that section.

(4) After paragraph (11) insert—

(11A) In the case of a person who—

(a) is a party to notifiable arrangements which are prescribed by the Inheritance Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) Regulations 2011; and

(b) is not required to make a return to HMRC under section 216 of the Inheritance Tax Act 1984 in respect of a transaction forming part of the notifiable arrangements within a period of 12 months of the end of the month in which the first transaction forming part of the arrangements is entered into,

the prescribed information shall be provided separately to HMRC in such form and manner as they may specify.

(5) After paragraph (15)(b) insert—

(ba) in the case of paragraph (11A), any time during the period of 12 months of the end of the month in which the first transaction forming part of the arrangement is entered into.