2011 No. 171
The Tax Avoidance Schemes (Information) (Amendment) Regulations 2011
Made
Laid before House of Commons
Coming into force
Citation and commencement1
These Regulations may be cited as the Tax Avoidance Schemes (Information) (Amendment) Regulations 2011 and come into force on 6th April 2011.
Amendment of the Tax Avoidance Schemes (Information) Regulations 2004
2
The Tax Avoidance Schemes (Information) Regulations 20043 are amended as follows.
3
1
Amend regulation 24 (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 20115;
3
In the definition of “the prescribed taxes” after “income tax” insert “, inheritance tax”.
4
1
Amend regulation 36 (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”.
5
1
Amend regulation 87 (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 19848 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.
(This note is not part of the Regulations)