5.—(1) The Schedule to the principal Regulations (arrangements prescribed for the purposes of the Regulations) is amended as follows
(2) In paragraph 1(1) after paragraph (c) add—
“unless they are arrangements that are excluded by paragraph 5A”.
(3) After paragraph 5 insert—
5A. Arrangements are excluded by this paragraph if both of the following conditions are met.
The first condition is that the arrangements are such that it might reasonably be expected that no promoter, and no person connected with a promoter, of arrangements that are the same as, or substantially similar to, the arrangements in question would be able to obtain a premium fee from a person experienced in receiving services of the type being provided.
The second condition is that the tax advantage expected to be obtained under the arrangements does not arise from any element of the arrangements (including the way in which they are structured) which, disregarding any duty of confidentiality owed to any person, a promoter might reasonably be expected to wish to keep confidential from other promoters.”.
(4) Omit paragraph 8(5).