Value Added Tax Act 1994 Schedule 11A paragraph 5

Meaning of "notifiable scheme"

Schedule 11A paragraph 5 defines what constitutes a "notifiable scheme" for the purposes of the VAT disclosure regime.

• A scheme is automatically notifiable if it has been formally designated as such by HMRC.
• A scheme that has not been formally designated can still be notifiable if it meets two conditions (Condition A and Condition B).
• Condition A requires that the scheme includes, or is associated with, a type of provision that has been designated under paragraph 4 of the Schedule.
• Condition B requires that the scheme has as its main purpose, or one of its main purposes, obtaining a tax advantage for any person.