117(1)The Inland Revenue may by notice require any person to provide them with such information as they reasonably require for the performance of their functions under this Schedule and as the person to whom the notice is addressed has or can reasonably obtain.
(2)The power conferred by this paragraph extends, in particular, to—
(a)information to enable the Inland Revenue—
(i)to decide whether to approve an employee share ownership plan or withdraw an approval already given, or
(ii)to determine the liability to tax, including capital gains tax, of any person who has participated in a plan; and
(b)information about the administration of a plan and any proposed alteration of the terms of a plan.
(3)The notice must require the information to be provided within a specified time, which must not be less than three months.
(4)In section 98 of the [1970 c. 9.] Taxes Management Act 1970 (penalties in connection with returns, etc.), in the first column of the table, after the final entry insert— “paragraph 117 of Schedule 8 to the Finance Act 2000