The UK's Inland Revenue on Monday published draft regulations outlining how the controversial disclosure rules for promoters and users of tax minimisation schemes and arrangements will operate.
The draft regulations include details of the financial and employment-based arrangements that must be notified under the disclosure rules, procedural rules setting out how and when disclosures need to be made, and a restriction on the definition of promoter where a group tax department provides tax services to another company in the same group.
Comment is invited on the draft rules by no later than June 30. According to the Inland Revenue, this truncated consultation period reflects the need to meet the Finance Bill timetable, and to allow the final draft of the regulations to be laid before Parliament, to enable the disclosure rules to be in place at the beginning of August.
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