Section 254 | Meaning of “monitored proposal” and “monitored arrangements”

(1)For the purposes of this Part a relevant proposal in relation to which a person (“P”) is a promoter is a “monitored proposal” in relation to P if any of the following dates fell on or after the date on which a monitoring notice took effect—

(a)the date on which P first made a firm approach to another person in relation to the relevant proposal;

(b)the date on which P first made the relevant proposal available for implementation by any other person;

(c)the date on which P first became aware of any transaction forming part of the proposed arrangements being entered into by any person.

(2)For the purposes of this Part relevant arrangements in relation to which a person (“P”) is a promoter are “monitored arrangements” in relation to P if—

(a)P was by virtue of section 235(2)(b) or (c) a promoter in relation to a relevant proposal which was implemented by the arrangements and any of the following fell on or after the date on which the monitoring notice took effect—

(i)the date on which P first made a firm approach to another person in relation to the relevant proposal;

(ii)the date on which P first made the relevant proposal available for implementation by any other person;

(iii)the date on which P first became aware of any transaction forming part of the proposed arrangements being entered into by any person,

(b)the date on which P first took part in designing, organising or managing the arrangements fell on or after the date on which a monitoring notice took effect, or

(c)the arrangements enable, or are likely to enable, the person who has entered into transactions forming them to obtain the tax advantage by reason of which they are relevant arrangements, at any time on or after the date on which a monitoring notice took effect.