[2025] UKUT 00278 (TCC)

The relevant provisions are set out above. They key provision is the definition of reasonable disclosure in s. 20(5) of the Finance Act 2020 (§16 above). That requires the relevant tax return, or two or more tax returns taken together, to (a) identify the loan or quasi-loan, (b) identify the person to whom the loan or quasi-loan was made, (c) identify the arrangements under which the loan or quasi-loan was made and (d) provide such other information as sufficient to make it apparent that a reasonable case could have been made that the amount of tax concerned was payable to HMRC. That definition is incorporated by reference into the definition of “voluntary restitution” in DRRS §3.1.27.5: see DRRS §4.7 (§21 above).

The disputed issues of interpretation are twofold. First, is it sufficient that some of the required information for a particular scheme is set out on the form AAG provided by the scheme promoter to HMRC, where the tax return includes the reference number of the relevant scheme? Secondly, what information or detail is required to satisfy “reasonable disclosure” for the purpose of s. 20(5) of the Finance Act 2020?