PART 3

Transactions of a specified description

7 Confidentiality where promoter involved

(1) This Regulation applies to a transaction which—

(a) gives rise to the tax advantage expected to be obtained, and

(b) complies with any of the conditions specified in paragraph (2).

(2) The conditions referred to in paragraph (1)(b) are:

(a) that it might reasonably be expected that any promoter would wish to keep the way in which the transaction concerned gives rise to the tax advantage confidential from any other promoter at any time after the specified date and a purpose for doing so would be to maintain competitive advantage;

(b) that the promoter of the transaction would, but for the requirements of Chapter 3 of Part 33 of the Principal Act, wish to keep the way in which the transaction gives rise to the tax advantage confidential from the Revenue Commissioners at any time after the specified date and a purpose for doing so is to facilitate repeated or continued use of the same, or substantially the same, transaction in the future;

(c) that the person implementing the transaction would, but for the requirements of section 817F or 817H of the Principal Act, wish to keep the way in which the transaction gives rise to the tax advantage confidential from the Revenue Commissioners at any time after the specified date and a purpose for doing so is—

(i) to facilitate repeated or continued use of the same, or substantially the same, transaction in the future,

(ii) to prevent the Revenue Commissioners from using the information relating to the transaction to enquire into any return, or

(iii) to prevent the Revenue Commissioners from using the information relating to the transaction to withhold a refund or repayment of, or a payment of, any amount claimed separately from a return under any of the provisions of the Acts.