The Stamp Duty Land Tax (Avoidance Schemes) (Specified Proposals or Arrangements) Regulations 2012
These Regulations modify the effect of section 308 of the Finance Act 2004 (“FA 2004”). They create an exception, in relation to proposals and arrangements specified in these Regulations under powers contained in section 308(6)(b) of the FA 2004, to two rules. The first rule is contained in section 308(5) of the FA 2004. It states that a promoter in relation to two or more notifiable proposals or sets of notifiable arrangements, which are substantially the same, need not provide information under sections 308(1) or 308(3) of the FA 2004 if he has already provided information under either of these subsections in relation to any other proposals or arrangements. The second rule is contained in section 308(3) of the FA 2004. It states that the promoter does not have to provide the Board with prescribed information relating to arrangements if those arrangements implement a proposal in respect of which notice has been given under section 308(1) of the FA 2004.