On 15 July 2013, HMRC published taxes information and impact notes along with the following two draft regulations:

  • Annual Tax on Enveloped Dwellings Avoidance Schemes (Prescribed Descriptions of Arrangements) Regulations 2013; and
  • Tax Avoidance Schemes (Information) (Amendment) Regulations 2013.

ATED is a new tax introduced by Finance Act 2013, which is payable annually by entities that own certain ‘enveloped’ residential properties.

The first set of regulations will bring ATED within the DOTAS regime, thereby ensuring that “DOTAS covers all relevant taxes and will enable early detection of avoidance schemes”. The second set of regulations will (a) specify what information promoters must provide and the time limits for doing so and (b) require scheme users to notify HMRC that they have used a disclosed scheme.

Comments on the draft regulations are invited by 27 August 2013.

For the draft regulations click here.