- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (01/04/1991)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 06/03/1992
Point in time view as at 01/04/1991. This version of this provision has been superseded.
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There are currently no known outstanding effects for the Finance Act 1990, Section 39.
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(1)An inspector may by notice in writing require a return to be made by the trustees of an employee share ownership trust in a case where—
(a)a disposal of shares, or an interest in shares, has at any time been made to them, and
(b)a claim is made under section 33(1) or (3) above.
(2)Where he requires such a return to be made the inspector shall specify the information to be contained in it.
(3)The information which may be specified is information the inspector needs for the purposes of sections 36 to 38 above, and may include information about—
(a)expenditure incurred by the trustees;
(b)assets acquired by them;
(c)transfers of assets made by them.
(4)The information which may be required under subsection (3)(a) above may include the purpose of the expenditure and the persons receiving any sums.
(5)The information which may be required under subsection (3)(b) above may include the persons from whom the assets were acquired and the consideration furnished by the trustees.
(6)The information which may be required under subsection (3)(c) above may include the persons to whom assets were transferred and the consideration furnished by them.
(7)In a case where section 33(1) or (3) above has been applied, the inspector shall send to the trustees of the employee share ownership trust concerned a certificate stating—
(a)that the provision concerned has been applied, and
(b)the effect of the provision on the consideration for the disposal or on the amount of the gain accruing on the disposal (as the case may be).
(8)For the purposes of this section, the question whether a trust is an employee share ownership trust shall be determined in accordance with Schedule 5 to the M1Finance Act 1989.
(9)In the Table in section 98 of the M2Taxes Management Act 1970 (penalties for failure to comply with notices etc.) at the end of the first column there shall be inserted— “ Section 39 of the Finance Act 1990. ”
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