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The Annual Tax on Enveloped Dwellings Avoidance Schemes (Prescribed Descriptions of Arrangements) Regulations 2013

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Citation, commencement and interpretation

1.  These Regulations may be cited as the Annual Tax on Enveloped Dwellings Avoidance Schemes (Prescribed Descriptions of Arrangements) Regulations 2013 and come into force on 4th November 2013.

2.  In these Regulations—

“chargeable interest” has the meaning given by section 107 of the Finance Act 2013(1);

“company” has the meaning given by section 166(1) of the Finance Act 2013;

“collective investment scheme” refers to a scheme as described by section 235(1) of the Financial Services and Markets Act 2000(2); and

“partnership” has the meaning given by section 167(1) of the Finance Act 2013.

3.  In regulation 4(2)(a) and the Schedule reference to meeting the “ownership condition” is to be read in accordance with section 94(4) to (7) of the Finance Act 2013.

Prescribed description of arrangements in relation to annual tax on enveloped dwellings

4.—(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 annual tax on enveloped dwellings.

(2) Arrangements are prescribed if they are not excluded arrangements under the Schedule and as a result of any element of the arrangements—

(a)a company, partnership or collective investment scheme ceases to meet the ownership condition in respect of the chargeable interest;

(b)the taxable value of the chargeable interest is reduced to £2 million or less; or

(c)the taxable value of the chargeable interest is reduced with the consequence that a lower annual chargeable amount applies than that which otherwise would have applied.

(3) In this regulation—

(a)reference to a lower annual chargeable amount applying is to be read in accordance with the table at section 99(4) of the Finance Act 2013; and

(b)reference to “taxable value” is to be read in accordance with section 102 of the Finance Act 2013.

Anne Milton

David Evennett

Two of the Lords Commissioners of Her Majesty’s Treasury

9th October 2013

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