A7.231 Time limits

A7.231 Time limits

The time limits are both strict and tight, thus requiring help and advice from the party which designed the scheme (but not always the scheme promoter).

Promoters

A promoter is required to make a disclosure:

  1.  

    •     in respect of notifiable proposals1, within five working days of the 'relevant date', being the earliest of2:

    1.  

      –     the date he makes a firm approach to another person with a view to making the scheme available for implementation by that person or others (ie a marketing contact)3;

    2.  

      –     the date he makes the proposal available for implementation by another person; or

    3.  

      –     the date he first becomes aware of any transaction forming part of the notifiable arrangements.

  2.  

    •     in respect of notifiable arrangements, within five working days of the date he first becomes aware of any transaction forming part of the notifiable arrangements4. No notification is required where those arrangements implement a proposal in respect of which notice has already been given5 or where the scheme is 'substantially the same' as one already notified6. This is not defined, but HMRC's view is that

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