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.