Part 2 Entry into the Regime and Basic Concepts
Finance Act 2016 (2016 c 24) | Legislation

Part 2 Entry into the Regime and Basic Concepts

Duty to give warning notice

2

(1)     This paragraph applies where a person incurs a relevant defeat in relation to any arrangements.

(2)     HMRC must give the person a written notice (a “warning noticeâ€).

(3)     The notice must be given within the period of 90 days beginning with the day on which the relevant defeat is incurred.

(4)     The notice must—

(a)     set out when the warning period begins and ends (see paragraph 3),

(b)     specify the relevant defeat to which the notice relates, and

(c)     explain the effect of paragraphs 3 and 17 to 46.

(5)     A warning notice given by virtue of paragraph 49 must also explain the effect of paragraph 51 (information in certain cases involving partnerships).

(6)     In this Schedule “arrangements†includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable).

(7)     For the meaning of “relevant defeat†and provision about when a relevant defeat is incurred see paragraph 11.

Warning period

3

(1)     If a person is given a warning notice with respect to a relevant defeat (and sub-paragraph (2) does not apply) the

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Serving outside the jurisdiction with court permission—application and order

This Practice Note addresses issues when serving out of the jurisdiction and the permission of the court is required. It explains how to make an application and the form of order required. An application to serve out of the jurisdiction is generally made without notice and on the papers. Key

LEXISNEXIS

Scotland: the Accountant in Bankruptcy

Scotland: the Accountant in BankruptcyThe office of the Accountant in Bankruptcy (AiB) was created by section 156 of the Bankruptcy (Scotland) Act 1856 . Previously, the functions of the AiB were limited but since 1993, with the enactment of the Bankruptcy (Scotland) Act 1993 (B(S)A 1993), the role

LEXISNEXIS

Carriage of goods by sea—the Hague-Visby Rules

Carriage of goods by sea—the Hague-Visby RulesThis Practice Note explains the Hague-Visby Rules (the Rules) which are an international convention enacted into English law by the Carriage of Goods by Sea Act 1971 (CGSA 1971) whose purpose is to regulate some of the most important rights and

LEXISNEXIS

The British Franchise Association (BFA)

The British Franchise Association (BFA)This Practice Note examines the role and remit of the British Franchise Association (the BFA) in the franchise industry in the UK. It looks at the legislative and regulatory framework in the franchise industry, the membership criteria of the BFA, the BFA’s Code