The Finance Act 2014 (High Risk Promoters Prescribed Information) Regulations 2015

Report of promoter reference number: prescribed time

6.—(1) A report under section 253 of the Act (duty of persons to notify the Commissioners) must be made by the deadlines set out in paragraphs (2), (3) and (4).

(2) Where a tax return for an individual, partnership, trustee, company or a return for the purposes of the annual tax on enveloped dwellings is not submitted by the date in section 253(3)(a) or (b) of the Act in relation to the period within which a tax advantage may arise, the report must be made by the end of the fifth working day following the date on which the return was required to be submitted.

(3) Where there is no tax return covering the period within which a tax advantage may arise, then the report must be made—

(a) in the case of an individual, partnership or trustee, by 31st January following the end of each tax year within which a tax advantage may arise;

(b) in the case of a company, not later than 12 months from the end of each accounting period within which a tax advantage may arise;

(c) in the case of an annual tax on enveloped dwellings return, not later than 30 days from the first day of the chargeable period in which the person is within the charge or would have been within the charge but for the relevant arrangements, for each period within which a tax advantage may arise.

(4) For the purposes of inheritance tax, stamp duty land tax, stamp duty reserve tax, and petroleum revenue tax, the report must be made—

(a) for inheritance tax, not later than the sixth month after the end of the month which the first transaction under the relevant arrangements was entered into;

(b) for stamp duty land tax, not later than 30 days from the effective date of each land transaction which forms part of the relevant arrangements within which a tax advantage may arise;

(c) for stamp duty reserve tax—

(i) in respect of transactions under regulation 4 of the Stamp Duty Reserve Tax Regulations 1986, not later than the time that the notice of the charge to tax is due to be made to HMRC (the accountable date), or

(ii) where a transaction is authorised by different arrangements under regulation 4A of the Stamp Duty Reserve Tax Regulations 1986, not later than the seventh day of the month after the month in which the charge to tax occurred or would have occurred but for the relevant arrangements;

(d) for petroleum revenue tax, not later than 7 days from the end of each chargeable period within which a tax advantage may arise.

(5) Where a company does not have an accounting period, the report must be made not later than 24 months from the date of the first transaction which forms part of the relevant arrangements and annually thereafter for any period within which a tax advantage arises.

(6) For the purposes of paragraph (2), “working day” means a day that is not a Saturday or Sunday, Christmas Day, Good Friday or any day that is a bank holiday under the Banking and Finance Dealings Act 1971(1).

(1)

1971 c.80. Paragraph 2 of Schedule 1 to the Banking and Finance Dealings Act 1971 was amended by section 1 to the St Andrew’s Day Bank Holiday (Scotland) Act 2007 (asp. 2). There are other amendments to the 1971 Act, none of which are relevant.