SCHEDULES
C1SCHEDULE 18Serial tax avoidance
PART 2Entry into the regime and basic concepts
Duty to give warning notice
2
1
This paragraph applies where a person incurs a relevant defeat in relation to any arrangements.
2
HMRC must give the person a written notice (a “warning notice”).
3
The notice must be given within the period of 90 days beginning with the day on which the relevant defeat is incurred.
4
The notice must—
a
set out when the warning period begins and ends (see paragraph 3),
b
specify the relevant defeat to which the notice relates, and
c
explain the effect of paragraphs 3 and 17 to 46.
5
A warning notice given by virtue of paragraph 49 must also explain the effect of paragraph 51 (information in certain cases involving partnerships).
6
In this Schedule “arrangements” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable).
7
For the meaning of “relevant defeat” and provision about when a relevant defeat is incurred see paragraph 11.
Sch. 18 modified (17.12.2020 for specified purposes, 31.12.2020 in so far as not already in force) by 1994 c. 23, Sch. 9ZA para. 79 (as inserted by Taxation (Post-transition Period) Act 2020 (c. 26), s. 11(1)(e), Sch. 2 para. 2 (with s. 3(4), Sch. 2 para. 7(7)-(10)); S.I. 2020/1642, reg. 9)