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Draft statutory instrument: Promoters of Tax Avoidance Schemes (POTAS)

Published 17 May 2021

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STATUTORY INSTRUMENTS

2021 No.

TAXES

The Promoters of Tax Avoidance Schemes (Prescribed Circumstances under Section 235) (Amendment) Regulations 2021

Made - - - - ***

Laid before the House of Commons ***

Coming into force - - [30th September 2021]

The Commissioners for Her Majesty’s Revenue and Customs make these Regulations in exercise of the powers conferred by sections 235(6) and 283(1) of the Finance Act 2014 [footnote a]

Citation and commencement

  1. These Regulations may be cited as the Promoters of Tax Avoidance Schemes (Prescribed Circumstances under Section 235) (Amendment) Regulations 2021 and come into force on [30th September 2021].

Amendment to the Promoters of Tax Avoidance Schemes (Prescribed Circumstances under Section 235) Regulations 2015

  1. —(1) The Promoters of Tax Avoidance Schemes (Prescribed Circumstances under Section 235) Regulations 2015 are amended as follows.

    (2) After regulation 3(3) insert—

    (4) But paragraph (1) does not apply if, at the time any of the conditions are met, P was a member of a promotion structure [footnote b].






Name




Name




Two of the Commissioners for Her Majesty’s Revenue and Customs



Date

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations amend the Promoters of Tax Avoidance Schemes (Prescribed Circumstances under Section 235) Regulations 2015 (SI 2015/130) (“the principal Regulations”) which prescribe circumstances in which a person is not to be treated as a promoter in relation to tax avoidance schemes for the purposes of Part 5 of the Finance Act 2014 (c. 26) (the “2014 Act”).

Regulation 2 amends regulation 3 of the principal Regulations by inserting new paragraph (4). Regulation 3 of the principal Regulations prescribes the circumstances in which a person to some extent responsible for the design of proposed arrangements or arrangements is not to be a promoter despite section 235(2)(a) or (3)(b) of the 2014 Act. New regulation 3(4) provides that this exception does not apply if the person is a member of a promotion structure. This change is made in consequence of the promotion structures provisions introduced into Part 5 of the 2014 Act by Schedule [1] to the Finance Act 2021 (c. X).

Footnotes

[a] 2014 c. 26

[b] Paragraphs 1 to 5 of Schedule 33A to the Finance Act 2014 describe the cases in which a person is a member of a promotion structure. Schedule 33A to the Finance Act 2014 was inserted by Schedule [1] to the Finance Act 2021 (c. X).

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