The Indirect Taxes (Notifiable Arrangements) Regulations 2017

Standardised tax products

13.—(1) An arrangement which meets the following description is a notifiable arrangement.

(2) A promoter of the arrangement makes it available for implementation by more than one other person.

(3) It might reasonably be concluded by a person who has studied the arrangement and who has had regard to all relevant circumstances that conditions 1 to 3 are met.

(4) Condition 1 is that the arrangement has standardised or substantially standardised documentation—

(a) the purpose of which is to enable a person other than the promoter to implement the arrangement;

(b) the form of which is determined by the promoter; and

(c) the substance of which does not need to be tailored to any material extent to enable a person to implement the arrangement.

(5) Condition 2 is that—

(a) a person who intends to implement the arrangement must enter into a specific transaction or series of specific transactions; and

(b) the transaction or series of transactions is standardised or substantially standardised in form.

(6) Condition 3 is that—

(a) the main purpose of the arrangement is to enable a person to obtain a tax advantage; or

(b) it is unlikely that a person would enter into the arrangement were it not that the person or another person may obtain a tax advantage.