10 Standardised tax products

(1) This Regulation applies to a transaction which complies with the conditions specified in paragraph (2) (in this Regulation referred to as a “standardised tax product”).

(2) The conditions referred to in paragraph (1) are that —

(a) the transaction has, or is intended to have standardised, or substantially standardised, documentation—

(i) the purpose of which is to enable the implementation, by a person, of the transaction, and

(ii) the form of which is determined by the promoter and not tailored, to any material extent, to reflect the circumstances of the person implementing the transaction,

and

(b) the person referred to in subparagraph (a)(i) is required to enter into a specific transaction, or series of transactions, that are standardised, or substantially standardised, in form.

(3) For the purpose of paragraphs (1) and (2) a transaction is standardised if a promoter makes, or intends to make, the transaction available for implementation by more than one person.

(4) Notwithstanding paragraphs (1) to (3) and without prejudice to Regulations 8 and 9, a transaction shall not be a standardised tax product where it is a transaction of a kind specified in the Schedule.