The National Insurance Contributions (Application of Part 7 of the Finance Act 2004) Regulations 2012

Modification of the Descriptions Regulations

25.—(1) The Descriptions Regulations apply to notifiable contribution arrangements and notifiable contribution proposals with the following modifications and any reference in those Regulations to sections 306 to 313C and section 314A shall be construed as a reference to the corresponding provision of these Regulations (see regulation 5(2)).

(2) In regulation 1 (citation, commencement and effect) omit paragraphs (2) and (3).

(3) In regulation 5 (prescribed descriptions of arrangements)—

(a) in paragraph (1) for “income tax, corporation tax and capital gains tax” substitute “national insurance contributions”, and

(b) in paragraph (2) omit sub-paragraphs (f) to (h).

(4) In Part 3—

(a) for “tax advantage” wherever it occurs substitute “advantage within the meaning given by section 132A(7) of the Social Security Administration Act 1992”; and

(b) for “a tax advantage” wherever it occurs substitute “an advantage within the meaning given by section 132A(7) of the Social Security Administration Act 1992”.

(5) In regulation 10 (Description 5: standardised tax products), in the heading and paragraphs (1) and (3) for “tax product” substitute “national insurance contributions product”.

(6) Omit regulations 12 to 17A.