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Promoters of Tax Avoidance Schemes (POTAS)

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POTAS

POTAS This guidance describes the legislation in Part 5 and Schedules 34 to 36 Finance Act 2014. Table of Contents Chapter and Subject Page paragraph number Chapter 1 - Introduction ................................................................................... 6 1.1 Overview ................................................................................................. 6 1.2 Overview of the legislation ...................................................................... 8 1.3 How the regime that applies to POTAS works ........................................ 9 1.4 Definitions: promoter ............................................................................. 10 1.5 Definitions: relevant proposal and relevant arrangements .................... 12 1.6 Definitions: firm approach ..................................................................... 13 1.7 Definitions: intermediary ....................................................................... 13 1.8 Definitions: client ................................................................................... 13 1.9 Definitions: authorized officer................................................................ 15 Chapter 2 – Conduct notices ......................................................................... 16 2.1 Overview ............................................................................................... 16 2.2 The duty to issue a conduct notice ....................................................... 16 2.2.1 Threshold conditions ...................................................................... 17 2.2.2 Significance test ............................................................................. 18 2.2.3 Tax impact test ............................................................................... 21 2.3 Conditions that may be imposed by a conduct notice ........................... 22 2.4 Definitions relating to the conditions that may be imposed by a conduct notice ......................................................................................................... 23 2.5 Information powers ............................................................................... 25 2.6 Duration, amendment and withdrawal .................................................. 26 Chapter 3 Monitoring notices ......................................................................... 28 3.1 Overview ............................................................................................... 28 3.2 Failure to meet a condition in a conduct notice ..................................... 28 3.3 Applying to the tribunal for approval ..................................................... 29 3.4 The content of a monitoring notice ....................................................... 30 2

3.5 Proceedings of the first tier tribunal ..................................................... 31 3.6 Appeal rights ......................................................................................... 32 3.7 The regime that applies to monitored promoters .................................. 33 3.8 Publication by HMRC of information about a monitored promoter ........ 34 3.9 Publication of information by a monitored promoter .............................. 35 3.10 Allocation of promoter reference numbers (PRNs) ............................. 38 3.11 Duty of promoter to provide the PRN to intermediaries and clients .... 39 3.12 Duties of intermediaries who receive PRNs ........................................ 41 3.13 Duties of clients who receive PRNs .................................................... 42 3.13.1 Report of PRN by client who is required to make a tax return ...... 42 3.13.2 Report of PRN by client other than in a tax return ........................ 43 3.13.3 Unique identifier ........................................................................... 44 3.13.4 Relevant date of transactions ....................................................... 44 3.13.5 Time by when report outside a return must be made ................... 45 3.14 Withdrawal of monitoring notices ........................................................ 46 3.15 How to notify a decision whether or not a monitoring notice is being withdrawn ................................................................................................... 48 3.16 Appeals against refusal to withdraw monitoring notice ....................... 48 Chapter 4 Information powers ........................................................................ 50 4.1 Overview ............................................................................................... 50 4.2 Monitored proposals and monitored arrangements ............................. 51 4.3 Power to obtain information and documents from a monitored promoter or an intermediary of a monitored promoter ............................................... 53 4.4 Approval of a tribunal is needed in certain cases ................................. 55 4.5 Ongoing duty to provide information .................................................... 56 4.5.1 Ongoing duty to provide information following HMRC notice: prescribed documents and information .................................................. 57 4.5.2 Ongoing duty to provide information following HMRC notice: example .................................................................................................. 58 4.6 Information notices: non-resident monitored promoters ........................ 59 4.7 Information notices: ongoing duty of monitored promoter to provide client returns ............................................................................................... 60 4.8 Ongoing duty of intermediary to provide client returns .......................... 64 4.9 Information about persons who have taken part in avoidance schemes .................................................................................................................... 66 4.10 Duty of monitored promoter to provide HMRC with its address .......... 68 3

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