Statutory Instruments
2021 No. 1010
Taxes
The Promoters of Tax Avoidance Schemes (Prescribed Circumstances under Section 235) (Amendment) Regulations 2021
Made
8th September 2021
Laid before the House of Commons
9th September 2021
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( 1 ).
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
2. —(1)The Promoters of Tax Avoidance Schemes (Prescribed Circumstances under Section 235) Regulations 2015( 2 ) 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 is a member of a promotion structure ( 3 ) . ” .
Jim Harra
Sophie Dean
Two of the Commissioners for Her Majesty’s Revenue and Customs
8th September 2021
2014 c. 26 . Section 283(1) defines “prescribed” for the purposes of Part 5 of the Finance Act 2014 (“FA 2014”), which includes section 235(6), as meaning prescribed, or of a description prescribed, in regulations made by the Commissioners.
Section 283(1) is amended by paragraph 18(a) of Schedule 30 to the Finance Act 2021 (c. 26) (“FA 2021”) to include a definition of “promotion structure” for the purposes of Part 5 of FA 2014. The definition of “promotion structure” refers to section 235(1A) of, and Schedule 33A to, FA 2014 which were inserted by paragraphs 9 and 10 of Schedule 30 to FA 2021, respectively. 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.