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STATUTORY INSTRUMENTS


2005 No. 1869

STAMP DUTY LAND TAX

The Tax Avoidance Schemes (Information) (Amendment) Regulations 2005

  Made 11th July 2005 
  Laid before the House of Commons 11th July 2005 
  Coming into force 1st August 2005 

The Commissioners for Her Majesty's Revenue and Customs, in exercise of the powers conferred upon them by sections 308(1) and (3), 309(1), 310 and 318 of the Finance Act 2004 [1], and now exercisable by them [2], make the following Regulations:

Citation, commencement, effect and interpretation
     1. —(1) These Regulations may be cited as the Tax Avoidance Schemes (Information) (Amendment) Regulations 2005 and shall come into force on 1st August 2005.

    (2) These Regulations do not have effect in respect of proposals or arrangements (as the case may be) which are notifiable by virtue of the Stamp Duty Land Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) Regulations 2005[
3]—

    (3) In these Regulations a reference (without more) to a numbered section is a reference to the section of the Finance Act 2004 which is so numbered.

Amendment of the Tax Avoidance Schemes (Information) Regulations 2004
     2. The Tax Avoidance Schemes (Information) Regulations 2004[4] are amended as follows.

     3. In regulation 2 (interpretation)—

     4. —(1) In regulation 3(1)(b), 3(2)(b), 3(3)(c) and 3(4)(b) (prescribed information in respect of notifiable proposals and arrangements) after "details of the provisions of the Arrangement Regulations", wherever it appears, insert "or the SDLT Arrangement Regulations".

    (2) At the end of the regulation insert—

     5. In regulation 4 (time for providing information under section 308, 309 or 310) [5]—

     6. At the end of regulation 8 (prescribed information under section 313: timing and manner of delivery) insert—


David Varney

Helen Ghosh
Two of the Commissioners for Her Majesty's Revenue and Customs

11th July 2005



EXPLANATORY NOTE

(This note is not part of the Regulations)


These Regulations amend the Tax Avoidance Schemes (Information) Regulations 2004 (S.I. 2004/1864 ("the principal Regulations").

Regulation 1 provides for the citation, commencement, effect and interpretation.

Regulation 2 introduces the amendments to the Principal Regulations.

Regulations 3 to 6 contain the amendments.

The Stamp Duty Land Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) Regulations 2005 (S.I.2005 No. 1868) prescribe arrangements relating to stamp duty land tax which a promoter is required to notify to HM Revenue & Customs.

These Regulations amend the principal regulations and prescribe the information which is to be given to HM Revenue & Customs under Part 7 of the Finance Act 2004 (c. 12) under the principal Regulations in respect of stamp duty land tax avoidance schemes.

These Regulations impose new costs on business. A regulatory impact assessment was published on the 6th July 2005 and is available on HM Revenue & Customs website at
www.hmrc.gov.uk).


Notes:

[1] 2004 c. 12. Section 318 is cited because of the meaning it ascribes to "prescribed".back

[2] The functions of the Commissioners of Inland Revenue ("the former Commissioners") were transferred to the Commissioners for Her Majesty's Revenue and Customs ("the new Commissioners") by section 5(2) of the Commissioners for Revenue and Customs Act 2005 (c. 11). Section 50(1) of that Act provides that a reference to the former Commissioners (however expressed) shall be taken, so far as is appropriate in consequence of section 5, as a reference to the new Commissioners.back

[3] S.I. 2005/1868.back

[4] S.I. 2004/1864 as amended by S.I. 2004/2613.back

[5] Regulation 4 was amended by regulation 6 of S.I. 2004/2613.back



ISBN 0 11 073080 1


 © Crown copyright 2005

Prepared 15 July 2005


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