(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.