Finance Act 2016, Cross Heading: Duty to give warning notice is up to date with all changes known to be in force on or before 06 May 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
2(1)This paragraph applies where a person incurs a relevant defeat in relation to any arrangements.U.K.
(2)HMRC must give the person a written notice (a “warning notice”).
(3)The notice must be given within the period of 90 days beginning with the day on which the relevant defeat is incurred.
(4)The notice must—
(a)set out when the warning period begins and ends (see paragraph 3),
(b)specify the relevant defeat to which the notice relates, and
(c)explain the effect of paragraphs 3 and 17 to 46.
(5)A warning notice given by virtue of paragraph 49 must also explain the effect of paragraph 51 (information in certain cases involving partnerships).
(6)In this Schedule “arrangements” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable).
(7)For the meaning of “relevant defeat” and provision about when a relevant defeat is incurred see paragraph 11.
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