Descriptive hallmarks

AMENDMENTS HAVE BEEN  made to the disclosure regulations following consultation and the final versions were published on 15 June. This article looks at the revisions made during the course of consultation; see also my article 'Revisions to the disclosure rules' Taxation 18 May 2006 page 194 which considered the draft amendments to the regulations prior to consultation.

Start date

It is most important to note that the final versions of the regulations do not come into effect until 1 August 2006 (instead of 1 July as previously proposed). Consequently all transitional provisions that were previously based upon a start date of 1 July will now apply from 1 August.

It is not clear why 1 August was chosen for the start date. However it does follow a precedent in that the original disclosure regulations came into effect on 1 August 2004 and...