Mandatory Disclosure of Certain Transactions Regulations 2011.
Statutory Instruments
Source: Statutory Instruments

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paragraphs: These Regulations may be cited as the Mandatory Disclosure of Certain Transactions Regulations 2011.
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paragraphs: (1) In these Regulations—
(a) in relation to a promoter, the relevant date, and
(b) in relation to a person other than a promoter, the date the person enters into any transaction forming part of a disclosable transaction.
(2) In these Regulations a reference to a transaction shall be read as including a reference to—
(a) a proposal for a transaction, and
(b) in the case of Regulations 7, 8, 11, 12, 13, 14 and 15, any element of a transaction (including the way in which the transaction is structured).
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paragraphs: (1) A transaction which falls within any description set out in a provision of these Regulations listed in paragraph (2) is specified as a class of transaction which is to be a transaction of a specified description for the purposes of Chapter 3 of Part 33 of the Principal Act.
(2) The provisions of these Regulations referred to in paragraph (1) are—
(a) Regulation 7 (confidentiality where promoter involved),
(b) Regulation 8 (confidentiality where no promoter involved),
(c) Regulation 9 (fees),
(d) Regulation 10 (standardised tax products),
(e) Regulation 11 (loss schemes — individuals),
(f) Regulation 12 (loss schemes — companies),
(g) Regulation 13 (employment schemes),
(h) Regulation 14 (income into capital schemes), and
(i) Regulation 15 (income into gift schemes).
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paragraphs: A person to whom the description “any other promoter” applies in Regulation 7 is a prescribed class of person for the purposes of section 817D(2)(c)(i) of the Principal Act.
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paragraphs: The purposes referred to in Regulations 7 and 8 are each a prescribed purpose for the purposes of section 817D(2)(c)(i) of the Principal Act.
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paragraphs: (1) A tax advantage which falls within any description set out in a provision of these Regulations listed in paragraph (2) is a prescribed class of tax advantage for the purposes of section 817D(2)(c)(iv) of the Principal Act.
(2) The provisions of these Regulation referred to in paragraph (1) are —
(a) Regulation 11 (loss schemes — individuals),
(b) Regulation 12 (loss schemes — companies),
(c) Regulation 13 (employment schemes),
(d) Regulation 14 (income into capital schemes), and
(e) Regulation 15 (income into gift schemes).
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paragraphs: (1) This Regulation applies to a transaction which—
(a) gives rise to the tax advantage expected to be obtained, and
(b) complies with any of the conditions specified in paragraph (2).
(2) The conditions referred to in paragraph (1)(b) are:
(a) that it might reasonably be expected that any promoter would wish to keep the way in which the transaction concerned gives rise to the tax advantage confidential from any other promoter at any time after the specified date and a purpose for doing so would be to maintain competitive advantage;
(b) that the promoter of the transaction would, but for the requirements of Chapter 3 of Part 33 of the Principal Act, wish to keep the way in which the transaction gives rise to the tax advantage confidential from the Revenue Commissioners at any time after the specified date and a purpose for doing so is to facilitate repeated or continued use of the same, or substantially the same, transaction in the future;
(c) that the person implementing the transaction would, but for the requirements of section 817F or 817H of the Principal Act, wish to keep the way in which the transaction gives rise to the tax advantage confidential from the Revenue Commissioners at any time after the specified date and a purpose for doing so is—
(i) to facilitate repeated or continued use of the same, or substantially the same, transaction in the future,
(ii) to prevent the Revenue Commissioners from using the information relating to the transaction to enquire into any return, or
(iii) to prevent the Revenue Commissioners from using the information relating to the transaction to withhold a refund or repayment of, or a payment of, any amount claimed separately from a return under any of the provisions of the Acts.
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paragraphs: (1) This Regulation applies to a transaction which—
(a) gives rise to the tax advantage expected to be obtained, and
(b) complies with the condition specified in paragraph (2).
(2) The condition referred to in paragraph (1)(b) is that the person implementing the transaction would, but for the requirements of section 817G of the Principal Act, wish to keep the way in which the transaction gives rise to the tax advantage confidential from the Revenue Commissioners at any time after the specified date and a purpose for doing so is any of the purposes referred to in Regulation 7(2)(c).
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paragraphs: (1) This Regulation applies to a transaction which gives rise to the tax advantage expected to be obtained and where it might reasonably be expected that a promoter, or a person connected (within the meaning of section 10 of the Principal Act) with a promoter, of transactions that are the same as, or substantially the same as, the transaction concerned, would, but for the requirements of Chapter 3 of Part 33 of the Principal Act, be able to obtain a premium fee from or charge a premium fee to a person implementing such transaction, being a person experienced in receiving services of the type being provided.
(2) For the purposes of this Regulation—
(a) to a significant extent attributable to that tax advantage, or
(b) to any extent contingent upon the obtaining of that tax advantage;
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paragraphs: (1) This Regulation applies to a transaction which complies with the conditions specified in paragraph (2) (in this Regulation referred to as a “standardised tax product”).
(2) The conditions referred to in paragraph (1) are that —
(a) the transaction has, or is intended to have standardised, or substantially standardised, documentation—
(i) the purpose of which is to enable the implementation, by a person, of the transaction, and
(ii) the form of which is determined by the promoter and not tailored, to any material extent, to reflect the circumstances of the person implementing the transaction,
(b) the person referred to in subparagraph (a)(i) is required to enter into a specific transaction, or series of transactions, that are standardised, or substantially standardised, in form.
(3) For the purpose of paragraphs (1) and (2) a transaction is standardised if a promoter makes, or intends to make, the transaction available for implementation by more than one person.