2011 No. 171
Inheritance Tax

The Tax Avoidance Schemes (Information) (Amendment) Regulations 2011

Made
Laid before House of Commons
Coming into force
The Commissioners for Her Majesty’s Revenue and Customs1 make the following Regulations in accordance with the powers conferred by sections 308(1) and (3), 309(1), 310, 313(1) and (3) and 318(1) of the Finance Act 20042.

Citation and commencement

1.

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.”.

Mike Eland
Steve Lamey
Two of the Commissioners for Her Majesty’s Revenue and Customs
EXPLANATORY NOTE
(This note is not part of the Regulations)

These Regulations amend the Tax Avoidance Schemes (Information) Regulations 2004 (S.I. 2004/1864) (“the principal Regulations”) which prescribe the information to be provided to HM Revenue and Customs ( HMRC) when a person is required to notify arrangements under Part 7 of the Finance Act 2004 (c. 12) and the time limits within which that information is to be provided.

The Inheritance Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) Regulations 2011 (S.I. 2011/170) prescribe arrangements relating to inheritance tax which are required to be notified to HMRC. These Regulations amend the principal Regulations so as to prescribe the information which is to be notified in relation to inheritance tax arrangements and the time limits within which that information is to be provided.

Regulation 1 provides for citation and commencement.

Regulation 2 introduces the amendments to the principal Regulations.

Regulations 3 and 4 amend regulations 3 and 4 of the principal Regulations.

Regulation 5 amends regulation 8 of the principal Regulations to prescribe the information that a party to notifiable inheritance tax arrangements must provide, the manner of notification and the time limits for provision of such information.

An Impact Assessment is available from the HMRC website at http://www.hmrc.gov.uk/ria/index.htm#full. It has been updated by a Tax Information and Impact Note which is annexed to the Explanatory Memorandum which is available alongside this instrument on www.legislation.gov.uk.