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

Ongoing duty to provide information: prescribed information and documents

7.—(1) The following information is prescribed for the purposes of section 257(2) of the Act (ongoing duty to provide information following HMRC notice)—

(a) the name or names by which the monitored promoter refers to the monitored arrangements or monitored proposal;

(b) a summary description of the monitored arrangements or monitored proposal and how they are intended to result in a tax advantage;

(c) a detailed description of each part of the monitored arrangements or monitored proposal and the details of how they are intended to result in a tax advantage;

(d) the legislative provisions (whether in primary legislation, secondary legislation or both) that the person identified in section 257(1) contends provide the basis for the intended tax advantage under the monitored arrangements or monitored proposal;

(e) any reference number allocated under section 311 of the Finance Act 2004(1) (arrangements to be given reference number);

(f) if the monitored arrangements or monitored proposal have not been disclosed under Part 7 of the Finance Act 2004 (disclosure of tax avoidance schemes), an explanation as to why the monitored arrangements or monitored proposal have not been disclosed;

(g) if the monitored arrangements or monitored proposal are funded by or will require funding from third parties, the names and addresses of the third parties, the level of funding required and the date on which the third parties agreed to provide funding;

(h) the name and address of any person (including any legal advisers) consulted in respect of the monitored arrangements or monitored proposal;

(i) the name and address of any person otherwise involved in planning, organising or operating the monitored arrangements and detailed information on the involvement and role of that person;

(j) a list of each and every fee paid or to be paid by clients to use or participate in the monitored arrangements with a description of what each fee is charged for or will be charged for;

(k) if not included in (b), (c) or (d) above, a list of all taxes in respect of which it is expected to obtain a tax advantage.

(2) The following are prescribed documents for the purposes of section 257(2) of the Act—

(a) standard letters and templates of documents to be sent to clients regarding the monitored arrangements and monitored proposals;

(b) documentation which is designed or intended to be used in the operation of the monitored arrangements and monitored proposals;

(c) copies of all documents used to market, promote or advertise the monitored arrangements and monitored proposals;

(d) all correspondence which has been sent to, or received from, a client or prospective client or other person involved in the monitored arrangements and monitored proposals and which concerns the arrangements or the proposal;

(e) all correspondence which has been sent to, or received from, any other person which concerns the monitored arrangements and monitored proposals or matters related to the monitored arrangements and monitored proposals;

(f) any agreement signed or otherwise entered into by each client in respect of the monitored arrangements and monitored proposals.

(3) “Prescribed documents” in paragraph (2) includes documents produced in writing or by electronic means.

(1)

2004 c. 12. Section 311 was amended by section 116 of, and paragraphs 1 and 2 of Schedule 38 to, the Finance Act 2008 (c. 9) with effect from 1 November 2008 (by virtue of article 2 of S.I. 2008/1935 (C. 93)) with the exception of stamp duty land tax which is still to be appointed.