Policy paper

Draft legislation: Promoters of Tax Avoidance Schemes - Prescribed Information Regulations 2015

The draft regulations for technical consultation make administrative provision for monitoring the behaviour of monitored promoters under the Promoters of Tax Avoidance Schemes legislation.

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Draft legislation: Promoters of Tax Avoidance Schemes - Prescribed Information Regulations 2015

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This is the third and final set of regulations needed to support the Promoters of Tax Avoidance Schemes (POTAS) legislation. They:

  • set out when a monitored promoter must explain in publications and correspondence that they’re monitored under the POTAS legislation - the explanation must be clear and in writing in any publications or correspondence about tax avoidance arrangements and proposals, communications with existing or prospective clients or intermediaries about any tax avoidance schemes and correspondence with professional bodies and regulators
  • require that any information published on the internet has to set out the promoter’s monitored status clearly and prominently
  • set out the information that clients of a monitored promoter must provide to HM Revenue and Customs (HMRC) about their use of the promoter’s products, and by when, where that information isn’t provided on an Self Assessment tax return (for example because the tax avoidance concerns Stamp Duty)
  • set out what information must be provided to HMRC by a monitored promoter or intermediary about:
    • avoidance products and clients which have been notified to HMRC
    • avoidance products and clients which haven’t previously been notified to HMRC
    • clients where HMRC has made an enquiry to establish whether the client has been notified to HMRC
  • set out when copy documents, rather than originals, may be provided to HMRC

These draft regulations will have effect once approved by the House of Commons. Any comments should be directed to: ca.consultation@hmrc.gsi.gov.uk by Tuesday 27 January 2015.

Published 16 December 2014