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(This note is not part of the Regulations)
These Regulations prescribe arrangements which enable, or might be expected to enable, a person to obtain an advantage in relation to Inheritance Tax and which a promoter is required to notify to Her Majesty’s Revenue and Customs under Part 7 of the Finance Act 2004 (c.12).
Regulation 1 provides for citation and commencement.
Regulation 2 prescribes arrangements in relation to inheritance tax which must be notified.
Regulation 3 provides that the duty to notify does not arise in relation to arrangements first made available for implementation, or entered into before 6th April 2011, or in respect of which a promoter first made a firm approach to another person before that date.
An Impact Assessment is available from the HMRC website at http://www.hmrc.gov.uk/ria/index.htm#full. It has been updated by a Tax Information and Impact Note which is annexed to the Explanatory Memorandum which is available alongside this instrument on www.legislation.gov.uk.
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Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
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