Section 30 — Disclosure of Tax Planning

(1) Any person who enters or intends to enter into any transaction or agreement, referred to as a disclosable transaction or agreement, whose principal purpose is a benefit which enables, or might be expected to enable, such a person to obtain a tax advantage, shall without notice or request, provide to the relevant tax authority, information relating to that disclosable transaction or agreement.

(2) The relevant tax authority may make regulations specifying—

(a) the information to be provided by a person in relation to a disclosable transaction or agreement;

(b) the form and manner of delivery of that information to the relevant tax authority;

(c) the period of time within which the information referred to in subsection (1) of this section shall be provided to the relevant tax authority; and

(d) administrative penalties for non-disclosure, false disclosure, incomplete disclosure or late disclosure.

(3) In this section—

“tax advantage” means:

(a) a relief or increased relief from tax;

(b) repayment or increased repayment of tax;

(c) avoidance or reduction of a charge to tax or an assessment to tax;

(d) avoidance of a possible assessment to tax;

(e) deferral of a payment of tax or advancement of a repayment of tax; or

(f) avoidance of an obligation to deduct or account for tax;

“transaction” includes course of action, agreement, scheme or arrangement.