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The Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) (Amendment) Regulations 2004
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- UK Statutory Instruments
- 2004 No. 2429
- Explanatory Note
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Explanatory Note
(This note is not part of the Regulations)
These Regulations amend the Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) Regulations 2004 (S.I. 2004/1863: “the principal Regulations”). Their main effect is to apply similar tests, to determine whether arrangements connected with employment are notifiable, as already apply in respect of arrangements involving financial products.
Regulation 1 provides for the citation and commencement of these Regulations and for interpretation.
Regulation 2 introduces the amendments to the principal Regulations.
Regulation 3 amends regulation 1 of the principal Regulations by adding a new paragraph (4) which contains a definition of a premium fee for the purposes of the Regulations.
Regulation 4 amends regulation 2(4) of the principal Regulations, making it clear that arrangements which include financial product and are made available in connection with employment and which are excluded from Part 1 of the Schedule by virtue of paragraph 5A may still be notifiable under Part 2 of the Schedule.
Regulation 5 amends the Schedule to the principal Regulations to apply the additional tests in respect of premium fees and novel features (paragraphs (2) and (3)). It also makes a consequential amendment (paragraph (4)).
These Regulations do not impose new costs on business.
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