Taxes Consolidation Act 1997 section 817D

Interpretation and general (Chapter 3)

Section 817D defines the key terms used in the mandatory disclosure regime for tax avoidance transactions and sets out the information that must be provided when a disclosure is made.

• A disclosable transaction is any transaction (or proposal for a transaction) that falls within a specified description, enables a person to obtain a tax advantage, and where the tax advantage is the main benefit or one of the main benefits of the transaction.
• A promoter is a person who, in the course of a relevant business, designs, markets, organises, manages or makes available for implementation a disclosable transaction; a marketer is a non-promoter who communicates the general nature of a disclosable transaction to another person.
• Tax advantage is defined broadly to include any relief from, reduction of, deferral of, or avoidance of tax, any refund or repayment of tax, or the avoidance of an obligation to deduct or account for tax.
• Specified information encompasses whatever is reasonably needed to enable a Revenue officer to fully understand how the transaction operates, together with the personal details of the promoter or the person making the disclosure, as appropriate.