Part 1 Amendments of Part 7 of FA 2004
Finance Act 2021 (2021 c 26) | Legislation

SCHEDULE 31 Disclosure of Tax Avoidance Schemes

Section 122

Part 1 Amendments of Part 7 of FA 2004

1

Part 7 of FA 2004 (disclosure of tax avoidance schemes) is amended as follows.

2

Before section 306 insert—

“305A Introduction

(1)     This Part makes provision about the disclosure of information in relation to arrangements, or proposed arrangements, that enable, or might be expected to enable, a person to obtain a tax advantage.

(2)     Among other things, this Part—

(a)     imposes duties to provide information to HMRC (and others);

(b)     allows HMRC to allocate reference numbers in relation to arrangements and proposed arrangements (in cases where the disclosure duties have been complied with and in other cases);

(c)     makes provision about publication of information about arrangements and proposed arrangements, and persons involved in their supply;

(d)     makes provision about penalties.”

3

In section 307(4A) (meaning of “makes a firm approach”), omit “notifiable” in both places.

4

After section 310C insert—

“310D Notice of potential allocation of reference number: arrangements and proposals suspected of being notifiable

(1)     This section applies where—

(a)     HMRC have become aware that—

(i)     a transaction forming part of arrangements has been

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

The pari passu principle and collection remedies for the office-holder—the position under the Insolvency

The pari passu principle and collection remedies for the office-holder—the position under the Insolvency (England and Wales) Rules 2016The primary function of office-holders in personal and corporate insolvency is to collect in the assets belonging to a company or individual and to distribute these

LEXISNEXIS

Common financial covenants

Common financial covenantsThis Practice Note explains certain common financial covenants used in commercial finance transactions including:•minimum net worth test•gearing ratio•leverage ratio (or debt to equity ratio)•current ratio (or acid test ratio)•cashflow ratio•interest cover ratio, and•loan

LEXISNEXIS

The Standard Provisions of the Society of Trust and Estate Practitioners (STEP)

The Standard Provisions of the Society of Trust and Estate Practitioners (STEP)FORTHCOMING CHANGE: The Society of Trust and Estate Practitioners (STEP) is currently reviewing and revising the STEP Standard provisions and intends to release the 3rd edition later in 2021.Trustees' powersAs trusts can

LEXISNEXIS

No deal Brexit—jurisdiction (UK and the Lugano Convention) [Archived]

No deal Brexit—jurisdiction (UK and the Lugano Convention) [Archived]ARCHIVED: This Practice Note has been archived and is not maintained.This Practice Note has been produced in partnership with Guy Pendell, Liz Williams and Kushal Gandhi of CMS.This Practice Note covers the situation where the UK