The Tax Avoidance Schemes (Information) Regulations 2012

Prescribed cases under section 313(3)(a)

9.—(1) The prescribed cases for the purposes of section 313(3)(a) (cases in which the information is to be included in returns) are as follows.

(2) Subject to regulation 10(4), (7) and (8), in the case of a person who—

(a) expects an advantage to arise in respect of that person’s liability to pay, entitlement to a repayment of, or to a deferment of the liability to pay, income tax or capital gains tax as a result of notifiable arrangements; and

(b) is required to make a return to HMRC by a notice under section 8 or 8A of the Taxes Management Act 1970(1) (income tax and capital gains tax: personal return and trustee’s return), in respect of income tax or capital gains tax,

the prescribed information shall be included in the return (under the section which applies) which relates to the year of assessment in which the person first enters into a transaction forming part of the notifiable arrangements and in the return for each subsequent year of assessment until the advantage ceases to apply to that person.

(3) Subject to regulation 10(4), (7) and (8) in the case of a company which—

(a) expects a tax advantage to arise in respect of its liability to pay, entitlement to a repayment of, or to a deferment of its liability to pay, corporation tax as a result of notifiable arrangements; and

(b) is required to make a return to HMRC by a notice under paragraph 3 of Schedule 18 to the Finance Act 1998(2) (company tax return), in respect of corporation tax,

the prescribed information shall be included in the return under that paragraph covering the period in which the company first enters into a transaction forming part of the notifiable arrangements and in the return covering each subsequent period until the tax advantage ceases to apply to the company.

(4) Subject to regulation 10(4), (7), and (8) in the case of a partnership—

(a) which expects an advantage to arise in respect of a partner’s liability to pay, entitlement to a repayment of, or to a deferment of the liability to pay income tax, capital gains tax or corporation tax in respect of partnership profits or gains as a result of notifiable arrangements; and

(b) in respect of which a return is required to be made to HMRC by virtue of a notice under section 12AA of the Taxes Management Act 1970(3) (partnership return) in respect of income tax, capital gains tax or corporation tax,

in addition to any duty under paragraph (2) or (3) the prescribed information shall be included in the return under that section covering the period in which the partnership first enters into a transaction forming part of the notifiable arrangements and in the returns covering each subsequent period until the tax advantage ceases to apply to the partner in question.

(5) Subject to regulation 10(7) and (8) in the case of a person who—

(a) expects an advantage to arise in respect of that person’s liability to pay, entitlement to a repayment of, or to a deferment of the liability to pay inheritance tax as a result of notifiable arrangements; and

(b) is required to make a return to HMRC under section 216 of the Inheritance Tax Act 1984(4) (accounts and information) in respect of a transaction forming part of the notifiable arrangements within a period of 12 months from the end of the month in which the first transaction forming part of the arrangements is entered into,

the prescribed information shall be included in the return under that section.

(1)

Sections 8 and 8A were substituted by section 90 of the Finance Act 1990 (c.29). Section 8 was amended by sections 178 and 199 of the Finance Act 1994 (c. 9), section 104 of the Finance Act 1995 (c.4 ) section 121 of the Finance Act 1996 (c. 8), paragraphs 357 and 359 of Schedule 1 to the Income Tax (Trading and Other Income) Act 2005 (c. 5), paragraphs 7 and 8 of Schedule 12 to the Finance Act 2008 (c. 36), paragraph 9 of Schedule 19 of the Finance Act 2009 (c. 10) and paragraphs 11 and 12 of Schedule 7 to the Taxation (International etc) Act 2010 (c. 8). Section 8A was amended by sections 178 and 199 of the Finance Act 1994, section 103 of the Finance Act 1995, section 121 of the Finance Act 1996, paragraphs 357 and 360 of Schedule 1 to the Income Tax (Trading and Other Income) Act 2005, paragraphs 7 and 9 of Schedule 12 to the Finance Act 2008 and paragraph 9 of Schedule 19 to the Finance Act 2009.

(2)

1998 c. 36. Paragraph 3 was amended by paragraphs 380 and 385 of Schedule 1 to the Income Tax Act 2007 (c. 3).

(3)

Section 12AA was inserted by sections 184 and 199 of the Finance Act 1994 and was amended by section 104 of the Finance Act 1995, section 121, 123 and 124 of the Finance Act 1996, paragraph 18 of Schedule 29 to the Finance Act 2001 (c. 9), paragraphs 357 and 363 of Schedule 1 to the Income Tax (Trading and Other Income) Act 2005, paragraphs 7 and 11 of the Finance Act 2008, paragraph 9 of Schedule 19 to the Finance Act 2009 and S.I. 2009/2035.

(4)

1984 c. 51. Section 216 has been amended by paragraph 11 of Schedule 26 of the Finance Act 1985 (c. ), paragraph 29 of Schedule 19 to the Finance Act 1986 (c. 41), section 105 of the Finance Act 1999 (c. 16), paragraph 4 of Schedule 7 to the Finance (No. 2) Act 1987 (c. 51), paragraphs 19, 24 and 29 of Schedule 19 to the Finance Act 2007 (c.11), paragraphs 6 and 12 of Schedule 28 to the Finance Act 2008 (c. 9) and paragraphs 49 and 54 of Schedule 16 to the Finance Act 2011 (c. 11).