Finance (No. 2) Act 2017

24 (1) In this paragraph “client” means a person to whom a person F1 ... is providing (or has provided) services in connection with [F2 arrangements or a proposal]. U.K.

[F3 (2) Sub-paragraph (3) applies where—

(a) the client receives prescribed information under paragraph 23 relating to the reference number allocated to—

(i) the arrangements or proposed arrangements, or

(ii) any arrangements substantially the same as the arrangements or proposed arrangements; or

(b) the client receives prescribed information under paragraph 23A relating to the reference number allocated to—

(i) the arrangements or proposed arrangements, or

(ii) any arrangements substantially the same as the arrangements or proposed arrangements.]

(3) The client must, within the relevant period, provide prescribed information relating to the reference number to any other person—

(a) who the client might reasonably be expected to know is or is likely to be a party to the arrangements or proposed arrangements, and

(b) who might reasonably be expected to gain a tax advantage in relation to any relevant tax by reason of the arrangements or proposed arrangements.

(4) In sub-paragraph (3) “the relevant period” is the period of 30 days beginning with the later of—

(a) the day on which the client first becomes aware of any transaction forming part of [F4 the arrangements or proposed arrangements], and

(b) the day on which the prescribed information is notified to the client [F5 under paragraph 23 or (as the case may be) paragraph 23A].

(5) HMRC may give notice that, in relation to [F6 arrangements or a proposal] specified in the notice, persons are not under the duty under sub-paragraph (3) after the date specified in the notice.

(6) The duty under sub-paragraph (3) does not apply in prescribed circumstances.

(7) For the purposes of this paragraph a tax is a “relevant tax”, in relation to arrangements or arrangements proposed in a proposal of any description, if it is prescribed in relation to arrangements or proposals of that description by regulations under paragraph 3(1).

Textual Amendments

F1 Words in Sch. 17 para. 24(1) omitted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by virtue of Finance Act 2021 (c. 26), Sch. 31 paras. 27(2)(a), 44

F2 Words in Sch. 17 para. 24(1) substituted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by Finance Act 2021 (c. 26), Sch. 31 paras. 27(2)(b), 44

F3 Sch. 17 para. 24(2) substituted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by Finance Act 2021 (c. 26), Sch. 31 paras. 27(3), 44

F4 Words in Sch. 17 para. 24(4)(a) substituted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by Finance Act 2021 (c. 26), Sch. 31 paras. 27(4), 44

F5 Words in Sch. 17 para. 24(4)(b) substituted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by Finance Act 2021 (c. 26), Sch. 31 paras. 27(5), 44

F6 Words in Sch. 17 para. 24(5) substituted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by Finance Act 2021 (c. 26), Sch. 31 paras. 27(6), 44

Commencement Information

I1 Sch. 17 para. 24 in force at Royal Assent for specified purposes and at 1.1.2018 otherwise, see s. 66(4)