Textual Amendments
F1Sch. 5B inserted (with effect in accordance with Sch. 13 para. 4(4) of the amending Act) by Finance Act 1995 (c. 4), Sch. 13 para. 4(3)
Textual Amendments
F2Sch. 5B paras. 16-19 and cross-headings inserted (with effect in accordance with s. 74(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 13 para. 36
16(1)Where, in relation to [F3any of the relevant shares] held by an individual—U.K.
(a)a chargeable event falling within paragraph 3(1)(a) or (b) above occurs at any time in the five year period,
(b)a chargeable event falling within paragraph 3(1)(c) or (d) above occurs, or
(c)a chargeable event falling within paragraph 3(1)(e) above occurs by virtue of paragraph 12(2)(b), 13(1)(b) or 15(1)(b) above,
the individual shall within 60 days of his coming to know of the event give a notice to the inspector containing particulars of the circumstances giving rise to the event.
(2)Where, in relation to [F3any of the relevant shares] in a company, a chargeable event falling within paragraph 3(1)(e) above occurs by virtue of paragraph 1A(1) or (2), 13(1)(b) or 14(2)(b) above—
(a)the company, and
(b)any person connected with the company who has knowledge of that matter,
shall within 60 days of the event or, in the case of a person within paragraph (b) above, of his coming to know of it, give a notice to the inspector containing particulars of the circumstances giving rise to the event.
(3)A chargeable event falling within paragraph 3(1)(e) above which, but for paragraph 1A(5) above, would occur at any time by virtue of paragraph 1A(1) or (2) above shall be treated for the purposes of sub-paragraph (2) above as occurring at that time.
(4)Where a company has issued a certificate under section 306(2) of the Taxes Act (as applied by paragraph 6 above) in respect of any eligible shares in the company, and the condition in paragraph 1(2)(g) above is not satisfied in relation to the shares—
(a)the company, and
(b)any person connected with the company who has knowledge of that matter,
shall within 60 days of the time mentioned in section 289(3) of the Taxes Act or, in the case of a person within paragraph (b) above, of his coming to know that the condition is not satisfied, give notice to the inspector setting out the particulars of the case.
(5)If the inspector has reason to believe that a person has not given a notice which he is required to give—
(a)under sub-paragraph (1) or (2) above in respect of any chargeable event, or
(b)under sub-paragraph (4) above in respect of any particular case,
the inspector may by notice require that person to furnish him within such time (not being less than 60 days) as may be specified in the notice with such information relating to the event or case as the inspector may reasonably require for the purposes of this Schedule.
(6)Where a claim is made under this Schedule in respect of shares in a company and the inspector has reason to believe that it may not be well founded by reason of any such arrangements as are mentioned in paragraphs 1(2)(d) or 11(1) above, or section 293(8) or 308(2)(e) of the Taxes Act, he may by notice require any person concerned to furnish him within such time (not being less than 60 days) as may be specified in the notice with—
(a)a declaration in writing stating whether or not, according to the information which that person has or can reasonably obtain, any such arrangements exist or have existed;
(b)such other information as the inspector may reasonably require for the purposes of the provision in question and as that person has or can reasonably obtain.
(7)For the purposes of sub-paragraph (6) above, the persons who are persons concerned are—
(a)in relation to paragraph 1(2)(d) above, the claimant, the company and any person controlling the company;
(b)in relation to paragraph 11(1) above, the claimant, the company and any person connected with the company; and
(c)in relation to section 293(8) or 308(2)(e) of the Taxes Act, the company and any person controlling the company;
and for those purposes the references in paragraphs (a) and (b) above to the claimant include references to any person to whom the claimant appears to have made a disposal within marriage of any of the shares in question.
(8)Where deferral relief is attributable to shares in a company—
(a)any person who receives from the company any payment or asset which may constitute value received (by him or another) for the purposes of paragraph 13 above, and
(b)any person on whose behalf such a payment or asset is received,
shall, if so required by the inspector, state whether the payment or asset received by him or on his behalf is received on behalf of any person other than himself and, if so, the name and address of that person.
(9)Where a claim has been made under this Schedule in relation to shares in a company, any person who holds or has held shares in the company and any person on whose behalf any such shares are or were held shall, if so required by the inspector, state—
(a)whether the shares which are or were held by him or on his behalf are or were held on behalf of any person other than himself; and
(b)if so, the name and address of that person.
(10)No obligation as to secrecy imposed by statute or otherwise shall preclude the inspector from disclosing to a company that relief has been given or claimed in respect of a particular number or proportion of its shares.]]
Textual Amendments
F3Words in Sch. 5B para. 16(1)(2) substituted (with effect in accordance with s. 73(2) of the amending Act) by Finance Act 1999 (c. 16), Sch. 8 para. 4(i)