The Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) (Amendment) Regulations 2013

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations amend the Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) Regulations 2006 (S.I. 2006/1543) in relation to aspects of the confidentiality hallmarks and to replace the redundant pensions hallmark with a new hallmark relating to employment income provided through third parties.

Regulations 3 to 8 make amendments to when certain arrangements will be prescribed. Changes are made to clarify when arrangements which a promoter might wish to keep confidential from either HM Revenue and Customs, or other promoters, must be disclosed. A change is also made to the circumstances when arrangements must be disclosed by a user; these are extended to where that user might in the future become a promoter in relation to arrangements.

Regulations 9 to 11 replace the redundant pensions hallmark with the employment income provided through third parties hallmark, and remove a redundant revocation provision.

A Tax Information and Impact Note covering this instrument was published on 11th December 2012 and is available on the HMRC website at http://www.hmrc.gov.uk/tiin/2012/tiin8003.htm. It remains an accurate summary of the impacts that apply to this instrument.