Part 1 Duties to Disclose Avoidance Schemes etc
Finance (No 2) Act 2017 (2017 c 32) | Legislation

Part 1 Duties to Disclose Avoidance Schemes etc

Preliminary: application of definitions

1

The definitions in paragraphs 2, 3, and 7 to 10 apply for the purposes of this Schedule.

“Indirect taxâ€

2

(1)     “Indirect tax†means any of the following—

VAT

insurance premium tax

general betting duty

pool betting duty

remote gaming duty

machine games duty

gaming duty

lottery duty

bingo duty

air passenger duty

hydrocarbon oils duty

tobacco products duty

duties on spirits, beer, wine, made-wine and cider

soft drinks industry levy

aggregates levy

landfill tax

[plastic packaging tax]

climate change levy

customs duties.

(2)     The Treasury may by regulations amend the list in sub-paragraph (1) by adding, varying or omitting an entry for a tax.

“Notifiable arrangements†and “notifiable proposalâ€

3

(1)     “Notifiable arrangements†means any arrangements not excluded by sub-paragraph (2) which—

(a)     fall within any description prescribed by the Treasury by regulations,

(b)     enable, or might be expected to enable, any person to obtain a tax advantage in relation to any indirect tax that is so prescribed in relation to arrangements of that description, and

(c)     are such that the

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

The tort of deceit

The tort of deceitDeceit—what is it?A deceit occurs when a misrepresentation is made with the express intention of defrauding a party, subsequently causing loss to that party.The elements of a claim in deceit are:•a clear false representation of fact or law•fraud by the maker, in the sense that they

LEXISNEXIS

Voluntary manslaughter

Voluntary manslaughterVoluntary manslaughterVoluntary manslaughter consists of those killings which would be murder (because the accused has the relevant mental element for murder) but which are reduced to manslaughter because of one of the three special defences (loss of control, diminished

LEXISNEXIS

Common financial covenants

Common financial covenantsThis Practice Note explains certain common financial covenants used in commercial finance transactions including:•minimum net worth test•gearing ratio•leverage ratio (or debt to equity ratio)•current ratio (or acid test ratio)•cashflow ratio•interest cover ratio, and•loan

LEXISNEXIS

Option agreements—the need for a long-stop date

Call options are frequently used by developers to secure a right to buy land if planning permission is obtained. Taking an option provides the developer with time to make and pursue a planning application before having to commit to paying for the land. The developer's initial outlay will be limited