The Finance Act 2014 (High Risk Promoters Prescribed Information) Regulations 2015

Duty of persons to notify the Commissioners: prescribed information

4.—(1) The following information is prescribed for the purposes of paragraphs 2(b) and 4(b) of section 253 of the Act (duty of persons to notify the Commissioners)—

(a) the full name and address (including postcode) of the person reporting the promoter reference number;

(b) the promoter reference number which is the subject of the report;

(c) the type of tax in respect of which the person expects to obtain a tax advantage;

(d) the unique identifier (as to the meaning of which see paragraph (3)(a));

(e) the relevant date of the transaction(s) (as to the meaning of which see paragraph (3)(b));

(f) a declaration that the information provided is correct and complete to the best of the knowledge and belief of the person making the report;

(g) the signature of the person making the report;

(h) the full name of the person signing the report;

(i) the date on which the report is made.

(2) For relevant arrangements involving annual tax on enveloped dwellings, stamp duty land tax or stamp duty reserve tax transactions under regulation 4 of the Stamp Duty Reserve Tax Regulations 1986(1) (notice of charge and payment), the unique identifier in sub-paragraph (1)(d) is to be replaced by the following additional prescribed information—

(a) for annual tax on enveloped dwellings—

(i) title number or numbers of the dwelling associated with the relevant arrangements;

(ii) full address of the dwelling including the postcode sufficient to be able to identify it;

(b) for stamp duty land tax—

(i) the unique transaction reference number(2) (if a land transaction return has been submitted to HMRC at the time the prescribed information is provided);

(ii) title number or numbers of the land associated with the relevant arrangements;

(iii) full address or situation of the land including (where available) the postcode, or information sufficient that the land can be uniquely identified;

(c) for stamp duty reserve tax transactions a full description of the shares or securities associated with the relevant arrangements, including the—

(i) number of shares or securities;

(ii) class or classes of the shares;

(iii) name of the company or other body to which the shares relate;

(iv) nominal value;

(v) consideration paid.

(3) For the purposes of paragraph (1)—

(a) “unique identifier” is to be construed as follows—

(i) where the promoter reference number is not reported in a tax return for an individual, the national insurance number and unique tax reference number of the person making the report;

(ii) where the promoter reference number is not reported in a tax return for a trust or company, the unique tax reference number for the trust or company (as the case may be);

(iii) for inheritance tax purposes, the unique tax reference number and any inheritance tax reference previously allocated by HMRC to the person making the report;

(iv) for stamp duty reserve tax transactions authorised by different arrangements under regulation 4A of the Stamp Duty Reserve Tax Regulations 1986(3), the unique transaction reference provided by the reporting system under the authorised arrangements;

(b) “relevant date of the transaction(s)” means—

(i) in respect of capital gains tax or income tax, the date on which the tax year, in which the relevant arrangements enable or seek to enable a tax advantage to be obtained, ends;

(ii) in respect of corporation tax, with the exception of partnerships where one or more of the partners is a company, either the date on which the accounting period, in which the relevant arrangements enable or seek to enable a tax advantage to be obtained, ends, or, where the company does not have an accounting period, the date of the first transaction forming part of the relevant arrangements;

(iii) in respect of corporation tax in relation to partnerships, including where one or more of the partners is a company, the date on which the tax year in which the relevant arrangements enable or seek to enable a tax advantage to be obtained, ends;

(iv) in respect of annual tax on enveloped dwellings, the date on which the chargeable period, in which the relevant arrangements enable or seek to enable a tax advantage to be obtained, ends;

(v) in respect of inheritance tax, the date of the first transaction forming part of the relevant arrangements;

(vi) in respect of stamp duty land tax, the effective date of the land transaction that forms part of the relevant arrangements that enable a tax advantage to be obtained;

(vii) in respect of stamp duty reserve tax, the date of the transaction that forms part of the relevant arrangements that enable a tax advantage to be obtained;

(viii) in respect of petroleum revenue tax, the end of each chargeable period within which a tax advantage may arise.

(1)

S.I. 1986/1711. Regulation 4 was amended by regulation 6 of S.I. 1999/3264 with effect from 6 February 2000.

(2)

The unique transaction reference is found, for a paper return, in the “Reference box” attached to the payslip on the Land Transaction Return (Form SDLT 1) referred to in Part 1 of Schedule 2 to S.I. 2003/2837 or, for an electronic return, on the electronic SDLT submission receipt.

(3)

Regulation 4A was inserted by regulation 5 of S.I. 1997/2430 with effect from 20 October 1997.