Finance Act 1986

2 (1) The regulations may include provision that in prescribed circumstances—

(a) an investor under a plan shall cease to be, and be treated as not having been, entitled to relief from tax in respect of the investments, and

(b) he or the plan manager concerned (depending on the terms of the regulations) shall account to the Board for tax from which relief has already been given on the basis that the investor was so entitled.

(2) The regulations may include provision that an investor under a plan or the plan manager concerned (depending on the terms of the regulations) shall account to the Board for tax from which relief has been given in circumstances such that the investor was not entitled to it.

(3) The regulations may include provision adapting, or modifying the effect of, any enactment relating to income tax or to capital gains tax in order to—

(a) secure that investors under plans are entitled to relief from tax in respect of investments;

(b) secure that investors under plans cease to be, and are treated as not having been, so entitled;

(c) secure that investors under plans or plan managers account for tax as mentioned in sub-paragraph (1) or (2) above.

(4) The regulations may provide that a person who is, or has at any time been, either an investor under a plan or a plan manager—

(a) shall comply with any notice which is served on him by the Board and which requires him within a prescribed period to make available for the Board's inspection documents (of a prescribed kind) relating to a plan or to investments which are or have been held under it;

(b) shall, within a prescribed period of being required to do so by the Board, furnish to the Board information (of a prescribed kind) about a plan or about investments which are or have been held under it.

(5) The regulations may include provision generally for the purpose of bringing plans into existence, and generally for the purpose of the administration of plans and the administration of income tax, corporation tax and capital gains tax in relation to them.

(6) The words "Regulations under Schedule 8 to the Finance Act 1986" shall be added at the end of each column in the Table in section 98 of the [1970 c. 9.] Taxes Management Act 1970 (penalties for failure to furnish information etc.).