Statutory Instruments
2011 No. 171
Inheritance Tax
The Tax Avoidance Schemes (Information) (Amendment) Regulations 2011
Made
31st January 2011
Laid before House of Commons
2nd February 2011
Coming into force
6th April 2011
Citation and commencement
1. These Regulations may be cited as the Tax Avoidance Schemes (Information) (Amendment) Regulations 2011 and come into force on 6th April 2011.
Amendment of the Tax Avoidance Schemes (Information) Regulations 2004
2.The Tax Avoidance Schemes (Information) Regulations 2004( 3 ) are amended as follows.
3. —(1) Amend regulation 2( 4 ) (interpretation) as follows.
(2) After the definition of “the Arrangements Regulations” insert—
“ “the IHT Arrangements Regulations ” means the Inheritance Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) Regulations 2011 ( 5 ) ; ” .
(3) In the definition of “the prescribed taxes” after “income tax” insert “, inheritance tax”.
4. —(1) Amend regulation 3( 6 ) (prescribed information in respect of notifiable proposals and arrangements) as follows.
(2) In paragraphs (1)(b), (2)(b), (3)(c) and (4)(b), after “Arrangements Regulations” insert “, the IHT Arrangements Regulations”.
5. —(1) Amend regulation 8( 7 ) (prescribed information under section 313: timing and manner of delivery) as follows.
(2) In paragraphs (2), (4), (12)(in both places) and (13)(b) for “(8)” substitute “(8A)”.
(3) After paragraph (8) insert—
“ (8A) Subject to paragraphs (11A), (12) and (13) in the case of a person who—
(a) is a party to notifiable arrangements which are prescribed by the Inheritance Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) Regulations 2011; and
(b) is required to make a return to HMRC under section 216 of the Inheritance Tax Act 1984 ( 8 ) in respect of a transaction forming part of the notifiable arrangements,
the prescribed information shall be notified to HMRC in the return under that section. ” .
(4) After paragraph (11) insert—
“ (11A) In the case of a person who—
(a) is a party to notifiable arrangements which are prescribed by the Inheritance Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) Regulations 2011; and
(b) is not required to make a return to HMRC under section 216 of the Inheritance Tax Act 1984 in respect of a transaction forming part of the notifiable arrangements within a period of 12 months of the end of the month in which the first transaction forming part of the arrangements is entered into,
the prescribed information shall be provided separately to HMRC in such form and manner as they may specify. ” .
(5) After paragraph (15)(b) insert—
“ (ba) in the case of paragraph (11A), any time during the period of 12 months of the end of the month in which the first transaction forming part of the arrangement is entered into. ” .
Mike Eland
Steve Lamey
Two of the Commissioners for Her Majesty’s Revenue and Customs
31st January 2011
The functions of the Commissioners of Inland Revenue were transferred to the Commissioners for Her Majesty’s Revenue and Customs 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 Commissioners of Inland Revenue, however expressed, shall be taken as a reference to the Commissioners for Her Majesty’s Revenue and Customs.
2004 c. 12 ; sections 308(1) and (3), and 313(1) and (3) were amended by Schedule 38 to the Finance Act 2008 (c. 9) . Section 318(1) is cited because of the meaning it ascribes to “prescribed”.
S.I. 2004/1864 ; relevant amending instruments are S.I. 2005/1869 , 2006/1544 , 2009/611 and 2010/410 .
Regulation 2 was amended by regulation 3 of S.I. 2005/1869 and regulation 3 of S.I. 2006/1544 .
Regulation 3 was amended by regulation 4 of S.I. 2005/1869 .
Regulation 8 was substituted by regulation 8 of S.I. 2009/611 and amended by regulation 4 of S.I. 2010/410 .
1984 c. 51 . By virtue of section 100(1) and (2) of the Finance Act 1986 (c. 41) , on and after 25th July 1986 the Capital Transfer Tax Act 1984 may be cited as the Inheritance Tax Act 1984, and any reference in that Act to capital transfer tax is to have effect as a reference to inheritance tax, except where the reference relates to a liability to tax arising before 25th July 1986. Section 216 was amended by paragraph 11 of Schedule 26 to the Finance Act 1985 (c. 54) , paragraph 29 of Schedule 19 to the Finance Act 1986 (c. 41) , paragraph 4 of Schedule 7 to the Finance (No. 2) Act 1987 (c. 51) , section 105 of the Finance Act 1999 (c. 16) , paragraph 7 of Schedule 22 to the Finance Act 2006 (c. 25) , paragraph 24 of Schedule 19 to the Finance Act 2007 (c. 11) and paragraph 12 of Schedule 28 to the Finance Act 2008 (c. 9) .