SCHEDULES
SCHEDULE 1Disclosure of value added tax avoidance schemes
Duty to notify Commissioners
5I1
1
Paragraph 6 (duty to notify Commissioners) is amended as follows.
2
In sub-paragraph (1)—
a
omit the word “or” at the end of paragraph (a), and
b
after paragraph (b) insert
, or
c
the amount of his non-deductible tax in respect of any prescribed accounting period is less than it would be but for such a scheme.
3
After sub-paragraph (2) insert—
2A
Sub-paragraph (2) does not apply to a taxable person in relation to any scheme if he has on a previous occasion—
a
notified the Commissioners under that sub-paragraph in relation to the scheme, or
b
provided the Commissioners with prescribed information under sub-paragraph (3) (as it applied before the scheme became a designated scheme) in relation to the scheme.
4
For sub-paragraph (5) substitute—
5
Sub-paragraph (3) also does not apply where the scheme is one in respect of which the taxable person has on a previous occasion provided the Commissioners with prescribed information under that sub-paragraph.