Schedule 38 | Disclosure Of Tax Avoidance Schemes | Finance Act 2008 C9

SCHEDULE 38 Disclosure of Tax Avoidance Schemes

Finance Act 2008 (2008 c 9) | Legislation

SCHEDULE 38 Disclosure of Tax Avoidance Schemes

Section 116 Amendments of Part 7 of FA 2004

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

(1) Section 308 (duties of promoter) is amended as follows.

(2) In subsection (1)—

(a) for “The promoter” substitute “A person who is a promoter in relation to a notifiable proposal”, and

(b) for “any” substitute “the”.

(3) In subsection (2)(a), for “a” substitute “the”.

(4) In subsection (3)—

(a) for “The promoter” substitute “A person who is a promoter in relation to notifiable arrangements”, and

(b) for “any notifiable” substitute “the notifiable”.

(5) For subsection (4) substitute—

“(4) Subsection (4A) applies where a person complies with subsection (1) in relation to a notifiable proposal for arrangements and another person is—

(a) also a promoter in relation to the notifiable proposal or is a promoter in relation to a notifiable proposal for arrangements which are substantially the same as the proposed arrangements (whether they relate to the same or different parties), or

(b) a promoter in relation to notifiable arrangements implementing the notifiable proposal or notifiable arrangements which are substantially the same as notifiable arrangements