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The Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) Regulations 2006
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- UK Statutory Instruments
- 2006 No. 1543
- PART 3
- Regulation 12
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Description 6: Loss schemes
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12. Arrangements are prescribed if—
(a)the promoter expects more than one individual to implement the same, or substantially the same, arrangements; and
(b)the arrangements are such that an informed observer (having studied them) could reasonably conclude—
(i)that the main benefit of those arrangements which could be expected to accrue to some or all of the individuals participating in them is the provision of losses, and
(ii)that those individuals would be expected to use those losses to reduce their liability to income tax or capital gains tax.
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