The National Insurance Contributions (Application of Part 7 of the Finance Act 2004) Regulations 2007

Modification of the Tax Avoidance Schemes (Prescribed Description of Arrangements) Regulations 2006

16.—(1) The Tax Avoidance Schemes (Prescribed Description of Arrangements) Regulations 2006(1), apply to notifiable contribution arrangements and notifiable contribution proposals with the following modifications and any reference in those Regulations to sections 306 to 313 shall be construed as a reference to the corresponding provision of these Regulations (see regulation 4(2)).

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

(3) In regulation 5 (prescribed description 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) and (g).

(4) In Part 3—

(a) for “tax advantage” wherever it occurs substitute “advantage”; and

(b) for “a tax advantage” wherever it occurs substitute “an advantage”.

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

(6) Omit regulations 12 to 17.

(1)

S.I. 2006/1543.