Taxes Management Act 1970

PART III U.K. OTHER RETURNS AND INFORMATION

13 Persons in receipt of taxable income belonging to others. U.K.

(1) Every person who, in whatever capacity, is in receipt of any money or value, or of any profits or gains from any of the sources mentioned in the Income Tax Acts, of or belonging to another person who is chargeable to income tax in respect thereof, or who would be so chargeable if he were resident in the United Kingdom and not an incapacitated person, shall, whenever required to do so by a notice given to him by an inspector, prepare and deliver, within the time mentioned in the notice, a return F1 ... , signed by him, containing—

(a) a statement of all such money, value, profits or gains, and

(b) the name and address of every person to whom the same belong, and

(c) a declaration whether every such person is of full age, F2 ... , or is resident in the United Kingdom or is an incapacitated person.

(2) If any person described above is acting jointly with any other person, he shall, in like manner, deliver a return of the names and addresses of all persons joined with him at the time of delivery of the return mentioned in subsection (1) above.

F3 [(3) A notice under this section shall not require information as to any money, value, profits or gains received in a year of assessment ending more than three years before the date of the giving of the notice.]

Textual Amendments

F1 Words omitted repealed by Finance Act 1970 (c. 24, SIF 63:1,2) s.36andSch.8 Part VII.

F2 Words repealed by Finance Act 1988 (c. 39, SIF 63:1,2) s. 148and Sch. 14 Part VIIIfor1990-91and subsequent years.

F3 Finance Act 1988 (c. 39) s. 123(1)with respect to notices given on or after 29July 1988.

Modifications etc. (not altering text)

C1 S. 13 applied (E.W.) (6.4.2009) by The Education (Student Loans) (Repayment) Regulations 2009 (S.I. 2009/470), regs. 1(1), 33(1) (with reg. 1(4)(6))

C2 S. 13 applied (N.I.) (6.4.2009) by The Education (Student Loans) (Repayment) Regulations (Northern Ireland) 2009 (S.R. 2009/128), regs. 1(1), 28(1)

14 Return of lodgers and inmates. U.K.

Every person, when required to do so by a notice served on him by an inspector, shall, within the time limited by the notice, prepare and deliver to the inspector a return, in writing, containing to the best of his belief—

(a) the name of every lodger or inmate resident in his dwelling-house, and

(b) the name and ordinary place of residence of any such lodger or inmate who has any ordinary place of residence elsewhere at which he can be assessed and who desires to be assessed at such ordinary place of residence.

[F5 15 [F4 Return of employees' earnings etc.] U.K.

(1) Every employer, when required to do so by notice from an officer of the Board, shall, within the time limited by the notice, prepare and deliver to the officer a return relating to persons who are or have been employees of his, containing the information required under the following provisions of this section.

(2) An employer shall not be required to include in his return information relating to any year of assessment if the notice is given more than five years after the 31st January next following that year.

(3) A notice under subsection (1) above—

(a) shall specify the employees for whom a return is to be made and may, in particular, specify individuals (by name or otherwise) or all employees of an employer or all his employees who are or have been in [F6 employment which, for the purposes of the benefits code in ITEPA 2003, is a taxable employment under Part 2 of that Act (see section 66) but is not an excluded employment (see section 63 of that Act)]; and

(b) shall specify the years of assessment or other periods with respect to which the information is to be provided.

(4) A notice under subsection (1) above may require the return to state the name and place of residence of an employee to whom it relates.

(5) A notice under subsection (1) above may require the return to contain, in respect of an employee to whom it relates, the following particulars—

(a) in the case of relevant payments made by the employer, particulars of the payments;

(b) in the case of relevant payments not falling within paragraph (a) above the making of which by another person has been arranged by the employer—

(i) particulars of the payments; and

(ii) the name and business address of the other person; and

(c) in the case of relevant payments not falling within either of the preceding paragraphs, the name and business address of any person who has, to the employer’s knowledge, made the payments.

(6) Any payments made to an employee in respect of his employment are relevant payments for the purposes of this section, including—

(a) payments to him in respect of expenses (including sums put at his disposal and paid away by him);

(b) payments made on his behalf and not repaid; and

(c) payments to him for services rendered in connection with a trade or business, whether the services were rendered in the course of his employment or not.

(7) Where, for the purposes of his return, an employer apportions expenses incurred partly in or in connection with a particular matter and partly in or in connection with other matters—

(a) the return shall contain a statement that the sum included in the return is the result of such an apportionment; and

(b) if required to do so by notice from an officer of the Board, the employer shall prepare and deliver to the officer, within the time limited by the notice, a return containing full particulars as to the amount apportioned and the manner in which, and the grounds on which, the apportionment has been made.

(8) A notice under subsection (1) above may require the return—

(a) to state in respect of an employee to whom it relates whether any benefits are or have been provided for him (or for any other person) by reason of his employment, such as may give rise to charges to tax under [F7 the relevant provisions, that is to say, Chapters 4 to 10 of Part 3 and sections 222 and 223 of ITEPA 2003] (miscellaneous benefits in cash or in kind); and

(b) if such benefits are or have been provided, to contain such particulars of those benefits as may be specified in the notice.

(9) Where such benefits are provided the notice may, without prejudice to subsection (8)(b) above, require the return to contain the following particulars—

(a) in the case of benefits which are or have been provided by the employer, particulars of the amounts which may be chargeable to tax by virtue of [F8 the relevant provisions];

(b) in the case of benefits not falling within paragraph (a) above the provision of which by another person is or has been arranged by the employer—

(i) particulars of the amounts which may be so chargeable; and

(ii) the name and business address of the other person; and

(c) in the case of benefits not falling within either of the preceding paragraphs, the name and business address of any person who has, to the employer’s knowledge, provided the benefits.

(10) Where it appears to an officer of the Board that a person has, in any year of assessment, been concerned in making relevant payments to, or providing benefits to or in respect of, employees of another, the officer may at any time up to five years after the 31st January next following that year by notice require that person—

(a) to deliver to the officer, within the time limited by the notice, such particulars of those payments or benefits, or of the amounts which may be chargeable to tax in respect of the benefits, as may be specified in the notice (so far as known to him); and

(b) to include with those particulars the names and addresses (so far as known to him) of the employees concerned.

(11) In determining, in pursuance of a notice under subsection (1) or (10) above, amounts which may be chargeable to tax by virtue of [F9 the relevant provisions], a person—

(a) shall not make—

(i) any deduction or other adjustment which he is unable to show, by reference to information in his possession or otherwise available to him, is authorised or required by [F9 the relevant provisions]; or

(ii) any deduction authorised by [F10 section 328(1), 362, 363, 364 or 365 of ITEPA 2003]; but

(b) subject to that, shall make all such deductions and other adjustments as may be authorised or required by [F9 the relevant provisions].

(12) Where the employer is a body of persons, the secretary of the body or other officer (by whatever name called) performing the duties of secretary shall be treated as the employer for the purposes of this section.

Where the employer is a body corporate, that body corporate, as well as the secretary or other officer, shall be liable to a penalty for failure to comply with this section.

(13) In this section—

• “arranged” includes guaranteed and in any way facilitated;

• “employee” means an office holder or employee [F11 whose earnings are within the charge to tax under ITEPA 2003], and related expressions are to be construed accordingly;

• “relevant payments” has the meaning given by subsection (6) above; and

• [F12 “the relevant provisions” has the meaning given by section (8)(a) above.]]

Textual Amendments

F4 S. 15 heading substituted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 126(2) (with Sch. 7)

F5 S. 15 substituted (with effect in accordance with s. 106(2) of the amending Act) by Finance Act 1995 (c. 4), s. 106(1)

F6 Words in s. 15(3)(a) substituted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 126(3) (with Sch. 7)

F7 Words in s. 15(8)(a) substituted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 126(4) (with Sch. 7)

F8 Words in s. 15(9)(a) substituted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 126(5) (with Sch. 7)

F9 Words in s. 15(11) substituted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 126(6)(a) (with Sch. 7)

F10 Words in s. 15(11)(a)(ii) substituted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 126(6)(b) (with Sch. 7)

F11 Words in s. 15(13) substituted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 126(7)(a) (with Sch. 7)

F12 Words in s. 15(13) substituted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 126(7)(b) (with Sch. 7)

Modifications etc. (not altering text)

C3 S. 15 applied (E.W.) (6.4.2009) by The Education (Student Loans) (Repayment) Regulations 2009 (S.I. 2009/470), regs. 1(1), 33(1) (with reg. 1(4)(6))

C4 S. 15 applied (N.I.) (6.4.2009) by The Education (Student Loans) (Repayment) Regulations (Northern Ireland) 2009 (S.R. 2009/128), regs. 1(1), 28(1)

[F13 15A Non-resident's staff are UK client's employees for section 15 purposes U.K.

(1) Subsection (5) applies if each of conditions A to C is met.

(2) Condition A is that a person (“F”) performs in the United Kingdom, for a continuous period of 30 days or more, duties of an office or employment.

(3) Condition B is that the office or employment is under or with a person who—

(a) is not resident in the United Kingdom, but

(b) is resident outside the United Kingdom.

(4) Condition C is that the duties are performed for the benefit of a person (“P”) who—

(a) is resident in the United Kingdom, or

(b) carries on a trade, profession or vocation in the United Kingdom.

(5) Section 15 of this Act applies as if P were F's employer, but only so as to enable P to be required to make a return of F's name and place of residence.]

Textual Amendments

F13 S. 15A inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 7 para. 14 (with Sch. 9 paras. 1-9, 22)

16 Fees, commissions, etc. U.K.

(1) Every person carrying on a trade or business shall, if required to do so by notice from an inspector, make and deliver to the inspector a return of all payments of any kind specified in the notice made during a period so specified, being—

(a) payments made in the course of the trade or business, or of such part of the trade or business as may be specified in the notice, for services rendered by persons not employed in the trade or business, or

(b) payments for services rendered in connection with the formation, acquisition, development or disposal of the trade or business, or any part of it, by persons not employed in the trade or business, or

(c) periodical or lump sum payments made in respect of any copyright [F14 public lending right, right in a registered design or design right ].

(2) Every body of persons carrying on any activity which does not constitute a trade or business shall, if required to do so by notice from an inspector, make and deliver to the inspector a return of all payments of a kind specified in the notice made during a period so specified, being—

(a) payments made in the course of carrying on the activity, or such part of the activity as may be specified in the notice, for services rendered by persons not employed by the said body of persons, or

(b) periodical or lump sum payments made in respect of any copyright [F14 public lending right, right in a registered design or design right .]

(3) A return required under either of the preceding subsections shall, if the trade or business or other activity is carried on by an unincorporated body of persons (other than a company), be made and delivered by the person who is or performs the duties of secretary of the body, and the notice shall be framed accordingly.

(4) A return under the preceding provisions of this section shall give the name of the person to whom each payment was made, the amount of the payment and such other particulars (including particulars as to the services or rights in respect of which the payment was made, the period over which any services were rendered and any business name and any business or home address of the person to whom payment was made) as may be specified in the notice.

(5) No person shall be required under the preceding provisions of this section to include in a return—

(a) particulars of any payment from which income tax is deductible, or

(b) particulars of payments made to any one person where the total of the payments to that person which would otherwise fall to be included in the return does not exceed £15, or

(c) particulars of any payment made in a year of assessment ending more than three years before the service of the notice requiring him to make the return.

F15 (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7) In this section—

(a) references to payments for services include references to payments in the nature of commission of any kind and

references to payments in respect of expenses incurred in connection with the rendering of services, and

(b) references to the making of payments include references to the giving of any valuable consideration,

and the requirement imposed by subsection (4) above to state the amount of a payment shall, in relation to any consideration given otherwise than in the form of money, be construed as a requirement to give particulars of the consideration.

F16 [(8) In subsection (2) above references to a body of persons include references to any department of the Crown, any public or local authority and any other public body .]

Textual Amendments

F14 Words substituted (on and after 1.8.1989) by Copyright, Designs and Patents Act 1988 (c. 48), Sch. 7 para. 13; S.I. 1989/816

F15 S. 16(6) repealed by Finance Act 1989 (c. 26), ss. 164(6), 187, Sch. 17 Pt. VIII (in relation to any failure to comply with a notice etc. on or after 27 July 1989)

F16 S. 16(8) added by Finance Act 1988 (c. 39), s. 124(1) with respect to payments made in the year 1988-89 or subsequent years.

Modifications etc. (not altering text)

C5 S. 16 applied (N.I.) (6.4.2009) by The Education (Student Loans) (Repayment) Regulations (Northern Ireland) 2009 (S.R. 2009/128), regs. 1(1), 28(1)

C6 S. 16 applied (E.W.) (6.4.2009) by The Education (Student Loans) (Repayment) Regulations 2009 (S.I. 2009/470), regs. 1(1), 33(1) (with reg. 1(4)(6))

[F17 16A Agency workers. U.K.

(1) This section applies where—

(a) any services which an individual provides or is obliged to provide under an agency contract are treated under section 44(2) of ITEPA 2003 as the duties of an office or employment held by him with the agency, or

(b) any remuneration receivable under or in consequence of arrangements falling within section 45 of that Act is treated as earnings from an office or employment held by an individual with the agency.

(2) Where this section applies—

(a) section 15 above shall apply as if the individual were employed by the agency, and

(b) section 16 above shall not apply to any payments made to the individual under or in consequence of the agency contract or the arrangements.

(3) In this section “agency contract” and “remuneration” have the same meaning as in Chapter 7 of Part 2 of ITEPA 2003.]

Textual Amendments

F17 S. 16A substituted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 127 (with Sch. 7)

Modifications etc. (not altering text)

C7 S. 16A applied (E.W.) (6.4.2009) by The Education (Student Loans) (Repayment) Regulations 2009 (S.I. 2009/470), regs. 1(1), 33(1) (with reg. 1(4)(6))

C8 S. 16A applied (N.I.) (6.4.2009) by The Education (Student Loans) (Repayment) Regulations (Northern Ireland) 2009 (S.R. 2009/128), regs. 1(1), 28(1)

17 Interest paid or credited by banks[F18 , building societies], etc. without deduction of income tax. U.K.

(1) Every person carrying on a trade or business who, in the ordinary course of the operations thereof, receives or retains money in such circumstances that interest becomes payable thereon which is paid or credited without deduction of income tax [F19 or after deduction of income tax], and, in particular, every [F20 such person who is a bank] [F21 or building society], shall, if required to do so by notice from an inspector, make and deliver to the inspector, within the time specified in the notice, a return of all interest paid or credited by him as aforesaid during a year [F22 of assessment] specified in the notice in the course of his trade or business or any such part of his trade or business as may be so specified, giving the names and addresses of the persons to whom the interest was paid or credited and stating, in each case, the amount of the interest [F19 actually paid or credited and (where the interest was paid or credited after deduction of income tax) the amount of the interest from which the tax was deducted and the amount of the tax deducted]:

Provided that—

F23 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b) the year specified in a notice under this subsection shall not be a year ending more than three years before the date of the service of the notice.

[F24 (1A) In this section “bank” has the meaning given by [F25 section 991 of ITA 2007].]

(2) Without prejudice to the generality of so much of subsection (1) above as enables different notices to be served thereunder in relation to different parts of a trade or business, separate notices may be served under that subsection as respects the transactions carried on at any branch or branches respectively specified in the notices, and any such separate notice shall, if served on the manager or other person in charge of the branch or branches in question, be deemed to have been duly served on the person carrying on the trade or business; and where such a separate notice is so served as respects the transactions carried on at any branch or branches, any notice subsequently served under the said subsection (1) on the person carrying on the trade or business shall not be deemed to extend to any transaction to which the said separate notice extends.

(3) This section shall, with any necessary adaptations, apply in relation to the National Savings Bank as if it were a trade or business carried on by the Director of Savings.

(4) This section shall apply only to money received or retained in the United Kingdom, F26 ... .

[F27 (4A) If a person to whom any interest is paid or credited in respect of any money received or retained in the United Kingdom by notice in writing served on the person paying or crediting the interest—

(a) has declared that the person beneficially entitled to the interest is a company not resident in the United Kingdom, and

(b) has requested that the interest shall not be included in any return under this section,

the person paying or crediting the interest shall not be required to include the interest in any such return.

F28 (4B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F28 (4C) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ]

[F29 (5) The Board may by regulations provide as mentioned in all or any of the following paragraphs—

(a) that a return under subsection (1) above shall contain such further information as is prescribed if the notice requiring the return specifies the information and requires it to be contained in the return;

(b) that a person required to make and deliver a return under subsection (1) above shall furnish with the return such further information as is prescribed if the notice requiring the return specifies the information and requires it to be so furnished;

[F30 (c) that if a person is required—

(i) to make and deliver a return under subsection (1) above;

(ii) to include information in such a return under any provision made under paragraph (a) above; or

(iii) to furnish information under any provision made under paragraph (b) above,

and the notice under subsection (1) above specifies the form in which the return is to be made and delivered, or the information is to be included or furnished, the person shall make and deliver the return, or include or furnish the information, in that form;]

(d) that a notice under subsection (1) above shall not require prescribed information;

and in this subsection “prescribed” means prescribed by the regulations.

[F31 The further information required as mentioned in paragraph (a) or (b) above may include, in prescribed cases, the name and address of the person beneficially entitled to the interest paid or credited.]

(6) Regulations under subsection (5) above—

(a) shall be made by statutory instrument subject to annulment in pursuance of a resolution of the House of Commons,

[F32 (aa) may make provision with respect to the furnishing of information by persons required—

(i) to make and deliver a return under subsection (1) above;

(ii) to include information in such a return under any provision made under subsection (5)(a) above; or

(iii) to furnish information under any provision made under subsection (5)(b) above,

including the inspection of books, documents and other records on behalf of the Board;]

(b) may make different provision in relation to different cases or descriptions of case, and

(c) may include such supplementary, incidental, consequential or transitional provisions as appear to the Board to be necessary or expedient.]

[F33 (7) In the application of this section in relation to building societies, references to interest include references to dividends.

For this purpose “dividend” includes any distribution (whether or not described as a dividend).]

[F34 (8) References in this section to interest include references to—

(a) alternative finance return within the meaning of Chapter 5 of Part 2 of the Finance Act 2005 (see section 57 of that Act), and

(b) alternative finance return within the meaning of Chapter 6 of Part 6 of CTA 2009 (see sections 511 to 513 of that Act).]

Textual Amendments

F18 Words in s. 17 heading inserted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 247(5) (with Sch. 2)

F19 Words in s. 17(1) inserted (with effect where interest is paid or credited in the year 1991-92 or in a subsequent year of assessment) by Finance Act 1990 (c. 29), s. 92(2)(a)(b)(7)

F20 Words in s. 17(1) substituted (with application in accordance with Sch. 37 para. 11(5) of the amending Act) by Finance Act 1996 (c. 8), Sch. 37 para. 11(3)

F21 Words in s. 17(1) inserted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 247(2) (with Sch. 2)

F22 Words inserted by Finance Act 1988 (c. 39) s. 123(2) with respect to notices given on or after 29 July 1988.

F23 Words in s. 17(1) omitted (with effect where interest is paid or credited in the year 1991-92 or in a subsequent year of assessment) by Finance Act 1990 (c. 29), s. 92(2)(c)(7)

F24 S. 17(1A) inserted (with application in accordance with Sch. 37 para. 11(5) of the amending Act) by Finance Act 1996 (c. 8), Sch. 37 para. 11(1)(2)(a)

F25 Words in s. 17(1A) substituted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 247(3) (with Sch. 2)

F26 Words in s. 17(4) repealed (16.7.1992) by Finance (No. 2) Act 1992 (c. 48), ss. 29(1)(2), 82, Sch. 18 Pt. VII(3)

F27 S. 17(4A)-(4C) inserted (16.7.1992) by Finance (No. 2) Act 1992 (c. 48), s. 29(1)(2)

F28 S. 17(4B)(4C) repealed (with effect in accordance with s. 145(11) of the amending Act) by Finance Act 2000 (c. 17), s. 145(1), Sch. 40 Pt. 5 Note

F29 S. 17(5)(6) inserted (with effect where interest is paid or credited in the year 1991-92 or in a subsequent year of assessment) by Finance Act 1990 (c. 29), s. 92(3)(7)

F30 S. 17(5)(c) substituted (with effect in accordance with s. 145(11) of the amending Act) by Finance Act 2000 (c. 17), s. 145(2)(a)

F31 Words in s. 17(5) inserted (with effect in accordance with s. 145(11) of the amending Act) by Finance Act 2000 (c. 17), s. 145(2)(b)

F32 S. 17(6)(aa) inserted (with effect in accordance with s. 145(11) of the amending Act) by Finance Act 2000 (c. 17), s. 145(3)

F33 S. 17(7) inserted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 247(4) (with Sch. 2)

F34 S. 17(8) inserted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 298 (with Sch. 2 Pts. 1, 2)

Modifications etc. (not altering text)

C9 S. 17 applied (with modifications) by The Income Tax (Building Societies) Regulations 1986 (S.I. 1986/482), reg. 10

C10 S. 17 modified (7.4.2005) by Finance Act 2005 (c. 7), Sch. 2 para. 2

C11 S. 17(3): see further National Savings Bank Act 1971 (c. 29), s. 12(3).

18 Interest paid without deduction of income tax. U.K.

(1) Any person [F35 by or through whom] any interest is paid in the year 1969—70 or any subsequent year of assessment without deduction of income tax [F36 or after deduction of income tax] F37 ... shall, on being so required by a notice given to him by an inspector, furnish to the inspector, within the time limited by the notice—

(a) the name and address of the person to whom the interest has been paid or on whose behalf the interest has been received, and

(b) the amount of the interest [F38 actually paid or received and (where the interest has been paid or received after deduction of income tax) the amount of the interest from which the tax has been deducted and the amount of the tax deducted],

and any person [F39 by whom any such interest is received] on behalf of another person shall on being so required furnish to the inspector the name and address of the person on whose behalf the interest has been received, and [F40 the amount actually received and (where the interest has been received after deduction of income tax) the amount of the interest from which the tax has been deducted and the amount of the tax deducted].

(2) The persons to whom [F41 subsection (1) above] applies include any officer in any public office or in any department of the Crown.

F42 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F43 (3AA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F44 (3A) A notice under this section shall not require information with respect to interest paid [F45 or received] in a year of assessment ending more than three years before the date of the giving of the notice.]

[F46 (3B) The Board may by regulations provide as mentioned in all or any of the following paragraphs—

(a) that a person required to furnish information under subsection (1) above shall furnish at the same time such further information as is prescribed if the notice concerned specifies the information and requires it to be so furnished;

(b) that if a person is required to furnish information under subsection (1) above or under any provision made under paragraph (a) above, and the notice concerned specifies the form in which the information is to be furnished, the person shall furnish the information in that form;

(c) that a notice under subsection (1) above shall not require prescribed information;

and in this subsection “prescribed” means prescribed by the regulations.

[F47 The further information required as mentioned in paragraph (a) above may include, in prescribed cases, the name and address of the person beneficially entitled to the interest paid or received.]

(3C) Regulations under subsection (3B) above—

(a) shall be made by statutory instrument subject to annulment in pursuance of a resolution of the House of Commons,

[F48 (aa) may make provision with respect to the furnishing of information by persons required to furnish information under subsection (1) above, or under any provision made under subsection (3B)(a) above, including the inspection of books, documents and other records on behalf of the Board;]

(b) may make different provision in relation to different cases or descriptions of case, and

(c) may include such supplementary, incidental, consequential or transitional provisions as appear to the Board to be necessary or expedient.]

[F49 (3D) For the purposes of this section interest shall be treated as received by any person if it is received by another person at his direction or with his consent.

(3E) For the purposes of this section the following shall be treated as interest—

(a) any dividend in respect of a share in a building society;

(b) any amount to which a person holding a [F50 deeply] discounted security is entitled on the redemption of that security; and

(c) any foreign dividend.

[F51 (3F) In subsection (3E)(b) above “deeply discounted security” has the same meaning as in Chapter 8 of Part 4 of ITTOIA 2005 (profits from deeply discounted securities) (see section 430 of that Act).]

(3G) In subsection (3E)(c) above “foreign dividend” means any annual payment, interest or dividend payable out of, or in respect of the stocks, funds, shares or securities of—

(a) a body of persons that is not resident in the United Kingdom, or

(b) a government or public or local authority in a country outside the United Kingdom.]

F52 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F53 (5) References in this section to interest include references to—

(a) alternative finance return within the meaning of Chapter 5 of Part 2 of the Finance Act 2005 (see section 57 of that Act), and

(b) alternative finance return within the meaning of Chapter 6 of Part 6 of CTA 2009 (see sections 511 to 513 of that Act).]

Textual Amendments

F35 Words in s. 18(1) substituted (with effect in accordance with s. 145(11) of the amending Act) by Finance Act 2000 (c. 17), s. 145(4)(a)

F36 Words in s. 18(1) inserted (with effect as regards a case where interest is paid in the year 1991-92 or a subsequent year of assessment) by Finance Act 1990 (c. 29), s. 92(5)(a) (8)

F37 Words in s. 18(1) repealed by Finance Act 1988 (c. 39), Sch. 14 Part IV for 1988-8 9and subsequent years.

F38 Words in s. 18(1)(b) substituted (with effect as regards a case where interest is paid in the year 1991-92 or a subsequent year of assessment) by Finance Act 1990 (c. 29), s. 92(5)(b) (8)

F39 Words in s. 18(1) substituted (with effect in accordance with s. 145(11) of the amending Act) by Finance Act 2000 (c. 17), s. 145(4)(b)

F40 Words in s. 18(1) substituted (with effect as regards a case where interest is paid in the year 1991-92 or a subsequent year of assessment) by Finance Act 1990 (c. 29), s. 92(5)(c) (8)

F41 Income and Corporation Taxes Act 1988 (c. 1), Sch. 29 para. 7(2).

F42 S. 18(3) repealed (with effect in accordance with s. 145(11) of the amending Act) by Finance Act 2000 (c. 17), s. 145(5), Sch. 40 Pt. 5 Note

F43 S. 18(3AA) repealed (with effect in accordance with s. 145(11) of the amending Act) by Finance Act 2000 (c. 17), s. 145(5), Sch. 40 Pt. 5 Note

F44 Finance Act 1988 (c. 39), s. 123(3) with respect to notices given on or after 29 July 1988.

F45 Words in s. 18(3A) inserted (with effect in accordance with s. 145(11) of the amending Act) by Finance Act 2000 (c. 17), s. 145(6)

F46 S. 18(3B)(3C) inserted (with effect as regards a case where interest is paid in the year 1991-92 or a subsequent year of assessment) by Finance Act 1990 (c. 29), s. 92(6) (8)

F47 Words in s. 18(3B) inserted (with effect in accordance with s. 145(11) of the amending Act) by Finance Act 2000 (c. 17), s. 145(7)

F48 S. 18(3C)(aa) inserted (with effect in accordance with s. 145(11) of the amending Act) by Finance Act 2000 (c. 17), s. 145(8)

F49 S. 18(3D)-(3G) substituted for s. 18(3D) (with effect in accordance with s. 145(11) of the amending Act) by Finance Act 2000 (c. 17), s. 145(9)

F50 Word in s. 18(3E)(b) substituted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 366(2) (with Sch. 2)

F51 S. 18(3F) substituted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 366(3) (with Sch. 2)

F52 S. 18(4) repealed by Finance Act 1988 (c. 39), Sch. 14 Part IV for 1988-89 and subsequent years.

F53 S. 18(5) inserted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 299 (with Sch. 2 Pts. 1, 2)

Modifications etc. (not altering text)

C12 S. 18 modified (7.4.2005) by Finance Act 2005 (c. 7), Sch. 2 para. 2

[F54 18A Other payments and licences etc. U.K.

(1) Any person by whom any payment out of public funds is made by way of grant or subsidy shall, on being so required by a notice given to him by an inspector, furnish to the inspector, within the time limited by the notice—

(a) the name and address of the person to whom the payment has been made or on whose behalf the payment has been received, and

(b) the amount of the payment so made or received,

and any person who receives any such payment on behalf of another person shall on being so required furnish to the inspector the name and address of the person on whose behalf the payment has been received, and its amount.

(2) Any person to whom licences or approvals are issued or a register is maintained shall, on being so required by a notice given to him by an inspector, furnish to the inspector within the time limited by the notice—

(a) the name and address of any person who is or has been the holder of a licence or approval issued by the first-mentioned person, or to whom an entry in that register relates or related; and

(b) particulars of the licence or entry.

(3) The persons to whom this section applies include any department of the Crown, any public or local authority and any other public body.

(4) A notice is not to be given under this section unless (in the inspector’s reasonable opinion) the information required is or may be relevant to any tax liability to which a person is or may be subject, or the amount of any such liability.

(5) A notice under this section shall not require information with respect to a payment which was made, or to a licence, approval or entry which ceased to subsist—

(a) before 6th April 1988; or

(b) in a year of assessment ending more than three years before the date of the giving of the notice.

(6) For the purposes of this section a payment is a payment out of public funds if it is provided directly or indirectly by the Crown, by any Government, public or local authority whether in the United Kingdom or elsewhere or by any Community institution.]

Textual Amendments

F54 S. 18A inserted by Finance Act 1988 (c. 39) s. 125

[F55 18B Savings income: regulations about European and international aspects U.K.

(1) The Treasury may make regulations for implementing and for dealing with matters arising out of or related to—

(a) any EU obligation created with a view to ensuring the effective taxation of savings income under the law of the United Kingdom and the laws of the other member States, and

(b) any arrangements made with a territory other than a member State with a view to ensuring the effective taxation of savings income under the law of the United Kingdom and the law of the other territory.

(2) In this section “savings income” means—

(a) interest, apart from interest of a prescribed description, or

(b) other sums of a prescribed description.

(3) The power to make regulations under this section is exercisable by statutory instrument.

(4) A statutory instrument containing regulations under this section is subject to annulment in pursuance of a resolution of the House of Commons.

Textual Amendments

F55 Ss. 18B-18E inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 7 para. 103 (with Sch. 9 paras. 1-9, 22)

18C Regulations under section 18B: provision about “paying agents” U.K.

(1) Regulations under section 18B may, in particular, require paying agents—

(a) to obtain and verify prescribed descriptions of information about the identity and residence of relevant payees to whom they make savings income payments, and

(b) to provide to the Commissioners for Her Majesty's Revenue and Customs, or an officer of Revenue and Customs, prescribed descriptions of information about relevant payees to whom they make savings income payments and about the savings income payments which they make to them.

(2) Regulations under section 18B may include provision for the inspection on behalf of the Commissioners of books, documents and other records of persons who are, or appear to an officer to be, paying agents.

(3) In this section “paying agents” means persons of a prescribed description who make savings income payments to other persons.

(4) In this section “relevant payees” means—

(a) persons of a prescribed description who are resident (within the meaning of regulations under section 18B) in a prescribed territory, and

(b) persons of any such other description as may be prescribed.

(5) For the purposes of this section, a person makes savings income payments to another person if the person—

(a) makes payments of savings income to the other person, or

(b) secures the payment of savings income for the other person.

(6) In this section “savings income” has the same meaning as in section 18B.

(7) The descriptions of persons who may be prescribed under subsection (3) include, in particular, public officers and government departments.

(8) The only territories which may be prescribed under subsection (4)(a) are—

(a) the other member States, and

(b) territories with which arrangements such as are mentioned in section 18B(1)(b) have been made.

Textual Amendments

F55 Ss. 18B-18E inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 7 para. 103 (with Sch. 9 paras. 1-9, 22)

18D Content of regulations under section 18B: supplementary provision U.K.

(1) Regulations under section 18B may include provision for notices under such regulations to be combined with notices under sections 17 and 18.

(2) Regulations under section 18B may include provision about the time at or within which, and the manner in which, any requirement imposed by such regulations is to be complied with.

(3) Regulations under section 18B may include provision for penalties for failure to comply with requirements imposed by such regulations, including provision applying any provision of this Act about the determination of penalties or any other matter relating to penalties.

(4) Regulations under section 18B—

(a) may make different provision for different cases or descriptions of case, and

(b) may include incidental, supplemental, consequential and transitional provision and savings.

Textual Amendments

F55 Ss. 18B-18E inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 7 para. 103 (with Sch. 9 paras. 1-9, 22)

18E Interpretation of sections 18B to 18D: “prescribed” etc U.K.

(1) In sections 18B to 18D “prescribed” means prescribed by regulations under section 18B.

(2) The following provisions do not apply for the purposes of sections 18B to 18D—

(a) section 118 of this Act (interpretation), and

(b) section 18 of ITA 2007 (meaning of “savings income” in the Income Tax Acts).]

Textual Amendments

F55 Ss. 18B-18E inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 7 para. 103 (with Sch. 9 paras. 1-9, 22)

19 Information for purposes of [F56 charge on profits of UK property businesses or under] Schedule A. U.K.

(1) For the purpose of obtaining particulars of profits or gains chargeable to tax [F57 under Chapter 3 of Part 3 of ITTOIA 2005][F58 , or under Chapter 3 of Part 4 of CTA 2009, as the profits of a UK property business] (or, for chargeable periods ending before 6th April 1970, under Case VIII of Schedule D), the inspector may by notice in writing require—

(a) any lessee, occupier or former lessee or occupier of land (including any person having, or having had, the use of land) to give such information as may be prescribed by the Board as to the terms applying to the lease, occupation or use of the land, and where any of those terms are established by any written instrument, to produce the instrument to the inspector,

(b) any lessee or former lessee of land to give such information as may be so prescribed as to any consideration given for the grant or assignment to him of the tenancy,

(c) any person who as agent manages land or is in receipt of rent or other payments arising from land to furnish the inspector with such particulars relating to payments arising therefrom as may be specified in the notice.

F59 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) In this section -—

(a) “lease” includes an agreement for a lease, and any tenancy, but does not include a mortgage or heritable security, and “lessee” shall be construed accordingly but shall include the successor in title of a lessee,

(b) in relation to Scotland “assignment” means an assignation.

[F60 (4) A notice under this section shall not require information with respect to—

(a) the terms applying to the lease, occupation or use of the land, or

(b) consideration given, or

(c) payments arising,

in a year of assessment ending more than three years before the date of the giving of the notice.]

Textual Amendments

F56 Words in s. 19 heading inserted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 367(3) (with Sch. 2)

F57 Words in s. 19(1) inserted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 367(2) (with Sch. 2)

F58 Words in s. 19(1) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 300(2) (with Sch. 2 Pts. 1, 2)

F59 S. 19(2) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 300(3), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

F60 S. 19(4) added (with effect with respect to notices given on or after 29 July 1988) by Finance Act 1988 (c. 39), s. 123(4)

Production of accounts, books and other information U.K.

F61 19A Power to call for documents for purposes of certain enquiries. U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F61 S. 19A omitted (1.4.2009) by virtue of Finance Act 2008 (c. 9), s. 113(2), Sch. 36 para. 66 (with Sch. 36 para. 38); S.I. 2009/404, art. 2 (with art. 3)

F62 20 Power to call for documents of taxpayer and others. U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F62 S. 20 omitted (1.4.2009) by virtue of Finance Act 2008 (c. 9), s. 113(2), Sch. 36 para. 67 (with Sch. 36 para. 38); S.I. 2009/404, art. 2 (with art. 4)

[F63 20A Power to call for papers of tax accountant. U.K.

(1) Where after the passing of the Finance Act 1976X1 a person—

(a) is convicted of an offence in relation to tax (whenever committed) by or before any court in the United Kingdom; or

(b) has [F64 a penalty imposed on ] him (whether before or after the passing of that Act) under section 99 of this Act,

and he has stood in relation to others as tax accountant, an inspector authorised by the Board for the purpose of this section may by notice in writing require the person to deliver to him such documents as are in his possession or power and as (in the inspector’s reasonable opinion) contain information relevant to any tax liability to which any client of his is or has been, or may be or have been, subject, or to the amount of any such liability.

F65 [(1A) The reference to documents in subsection (1) above does not include—

(a) personal records (as defined in section 12 of the Police and Criminal Evidence Act 1984), or

(b) journalistic material (as defined in section 13 of that Act).

(1B) Subject to subsection (1A) above, the reference to documents in subsection (1) above is to those specified or described in the notice in question; and—

(a) the notice shall require documents to be delivered within such time (which shall not be less than thirty days after the date of the notice) as may be specified in the notice; and

(b) the inspector may take copies of them or of extracts from them.]

(2) Subsection (1) above does not have effect in relation to a person convicted or penalised as there mentioned for so long as an appeal is pending against the conviction or [F66 penalty]; and—

(a) for this purpose an appeal is to be treated as pending (where one is competent but has not been brought) until the expiration of the time for bringing it or, in the case of a conviction in Scotland, until the expiration of 28 days from the date of conviction; and

(b) references here to appeal include further appeal but, in relation to the [F66 imposition] of a penalty, do not include appeal against the amount of the penalty.

(3) A notice is not to be given to any person under this section unless with the consent of the appropriate judicial authority; and that authority is to give his consent only on being satisfied that in all the circumstances the inspector is justified in so proceeding.

(4) The power to give a notice under this section, by reference to a person’s conviction or the [F67 imposition on] him of a penalty, ceases at the expiration of the period of 12 months beginning with the date on which it was first exercisable in his case by virtue of that conviction or [F67 penalty].

(5) To the extent specified in section 20B below, the above provisions are subject to the restrictions of that section.]

Editorial Information

X1 The Finance Act 1976 received the Royal Assent on 29 July 1976.

Textual Amendments

F63 Ss 20, 20A, 20B, 20C, 20D substituted for s. 20 by Finance Act 1976 (c. 40), s. 57, Sch. 6.

F64 Finance Act 1989 s. 168(2)(a). Previously “awarded against him a penalty incurred by”.

F65 Finance Act 1989 s. 143 with respect to notices given on or after 27 July 1989. Previously “for this purpose section 20(8) above applies, substituting “the client” for “the taxpayer”.”

F66 Finance Act 1989 s. 168(2)(b). Previously “award”.

F67 Finance Act 1989 s. 168(2)(c). Previously “award against” and “award”.

Modifications etc. (not altering text)

C13 S. 20A applied (E.W.) (6.4.2009) by The Education (Student Loans) (Repayment) Regulations 2009 (S.I. 2009/470), regs. 1(1), 33(1) (with reg. 1(4)(6))

C14 S. 20A applied (N.I.) (6.4.2009) by The Education (Student Loans) (Repayment) Regulations (Northern Ireland) 2009 (S.R. 2009/128), regs. 1(1), 28(1)

[F63 20B Restrictions on powers under [F68 section] 20A. U.K.

(1) Before a notice is given to a person by an inspector F69 ... under section 20A, the person must have been given a reasonable opportunity to deliver F70 ... the documents in question F71 ... ; and the inspector must not apply for consent under F72 ... section 20A(3), until the person has been given that opportunity.

F73 (1A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F74 (1B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) F75 ... A notice under section 20A does not oblige a person to deliver documents relating to the conduct of a pending appeal by the client.

“Appeal” means appeal relating to tax.

(3) An inspector cannot F76 ... under section 20A(1), give notice to a [F77 relevant lawyer], but the notice must in any such case be given (if at all) by the Board; and accordingly in relation to a [F77 relevant lawyer] for references in F78 ... section 20A to the inspector there are substituted references to the Board.

(4) To comply with a notice under F79 ... section 20A(1) F80 ... copies of documents may be delivered instead of the originals; but—

(a) the copies must be photographic or otherwise by way of facsimile; and

(b) if so required by the inspector (or, as the case may be, the Board) in the case of any documents specified in the requirement, the originals must be made available for inspection by a named officer of the Board (failure to comply with this requirement counting as failure to comply with the notice).

F81 (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F82 (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F83 (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(8) A notice under F84 ... section 20A(1) does not oblige a [F85 relevant lawyer] to deliver or make available, without his client’s consent, any document with respect to which a claim to professional privilege could be maintained.

F86 (9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F86 (10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F86 (11) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F86 (12) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F86 (13) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F86 (14) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F87 (15) In this section “relevant lawyer” means a barrister, advocate, solicitor or other legal representative communications with whom may be the subject of a claim to professional privilege.]]

Textual Amendments

F63 Ss 20, 20A, 20B, 20C, 20D substituted for s. 20 by Finance Act 1976 (c. 40), s. 57, Sch. 6.

F68 Word in s. 20B heading substituted (1.4.2009) by Finance Act 2008 (c. 9), s. 113(2), Sch. 36 para. 68(2) (with Sch. 36 para. 38); S.I. 2009/404, art. 2 (with art. 4)

F69 Words in s. 20B(1) omitted (1.4.2009) by virtue of Finance Act 2008 (c. 9), s. 113(2), Sch. 36 para. 68(3)(a) (with Sch. 36 para. 38); S.I. 2009/404, art. 2 (with art. 4)

F70 Words in s. 20B(1) omitted (1.4.2009) by virtue of Finance Act 2008 (c. 9), s. 113(2), Sch. 36 para. 68(3)(b) (with Sch. 36 para. 38); S.I. 2009/404, art. 2 (with art. 4)

F71 Words in s. 20B(1) omitted (1.4.2009) by virtue of Finance Act 2008 (c. 9), s. 113(2), Sch. 36 para. 68(3)(c) (with Sch. 36 para. 38); S.I. 2009/404, art. 2 (with art. 4)

F72 Words in s. 20B(1) omitted (1.4.2009) by virtue of Finance Act 2008 (c. 9), s. 113(2), Sch. 36 para. 68(3)(d) (with Sch. 36 para. 38); S.I. 2009/404, art. 2 (with art. 4)

F73 S. 20B(1A) omitted (1.4.2009) by virtue of Finance Act 2008 (c. 9), s. 113(2), Sch. 36 para. 68(4) (with Sch. 36 para. 38); S.I. 2009/404, art. 2 (with art. 4)

F74 S. 20B(1B) omitted (1.4.2009) by virtue of Finance Act 2008 (c. 9), s. 113(2), Sch. 36 para. 68(4) (with Sch. 36 para. 38); S.I. 2009/404, art. 2 (with art. 4)

F75 Words in s. 20B(2) omitted (1.4.2009) by virtue of Finance Act 2008 (c. 9), s. 113(2), Sch. 36 para. 68(5) (with Sch. 36 para. 38); S.I. 2009/404, art. 2 (with art. 4)

F76 Words in s. 20B(3) omitted (1.4.2009) by virtue of Finance Act 2008 (c. 9), s. 113(2), Sch. 36 para. 68(6)(a) (with Sch. 36 para. 38); S.I. 2009/404, art. 2 (with art. 4)

F77 Words in s. 20B(3) substituted (1.1.2010) by Legal Services Act 2007 (c. 29), s. 211(2), Sch. 21 para. 25(a) (with ss. 29, 192, 193); S.I. 2009/3250, art. 2(h)

F78 Words in s. 20B(3) omitted (1.4.2009) by virtue of Finance Act 2008 (c. 9), s. 113(2), Sch. 36 para. 68(6)(b) (with Sch. 36 para. 38); S.I. 2009/404, art. 2 (with art. 4)

F79 Words in s. 20B(4) omitted (1.4.2009) by virtue of Finance Act 2008 (c. 9), s. 113(2), Sch. 36 para. 68(7)(a) (with Sch. 36 para. 38); S.I. 2009/404, art. 2 (with art. 4)

F80 Words in s. 20B(4) omitted (1.4.2009) by virtue of Finance Act 2008 (c. 9), s. 113(2), Sch. 36 para. 68(7)(b) (with Sch. 36 para. 38); S.I. 2009/404, art. 2 (with art. 4)

F81 S. 20B(5) omitted (1.4.2009) by virtue of Finance Act 2008 (c. 9), s. 113(2), Sch. 36 para. 68(8) (with Sch. 36 para. 38); S.I. 2009/404, art. 2 (with art. 4)

F82 S. 20B(6) omitted (1.4.2009) by virtue of Finance Act 2008 (c. 9), s. 113(2), Sch. 36 para. 68(8) (with Sch. 36 para. 38); S.I. 2009/404, art. 2 (with art. 4)

F83 S. 20B(7) omitted (1.4.2009) by virtue of Finance Act 2008 (c. 9), s. 113(2), Sch. 36 para. 68(8) (with Sch. 36 para. 38); S.I. 2009/404, art. 2 (with art. 4)

F84 Words in s. 20B(8) omitted (1.4.2009) by virtue of Finance Act 2008 (c. 9), s. 113(2), Sch. 36 para. 68(9) (with Sch. 36 para. 38); S.I. 2009/404, art. 2 (with art. 4)

F85 Words in s. 20B(8) substituted (1.1.2010) by Legal Services Act 2007 (c. 29), s. 211(2), Sch. 21 para. 25(b) (with ss. 29, 192, 193); S.I. 2009/3250, art. 2(h)

F86 S. 20B(9)-(14) omitted (1.4.2009) by virtue of Finance Act 2008 (c. 9), s. 113(2), Sch. 36 para. 68(10) (with Sch. 36 para. 38); S.I. 2009/404, art. 2 (with art. 4)

F87 S. 20B(15) inserted (1.1.2010) by Legal Services Act 2007 (c. 29), s. 211(2), Sch. 21 para. 25(c) (with ss. 29, 192, 193); S.I. 2009/3250, art. 2(h)

Modifications etc. (not altering text)

C15 S. 20B applied (with modifications) (31.7.1997) by Finance (No. 2) Act 1997 (c. 58), Sch. 2 para. 13(1)(2)

C16 Ss. 20B, 20BB applied (with modifications) (6.4.2003) by Tax Credits Act 2002 (c. 21), s. 25(3)(4), 61; S.I. 2002/1727, art. 2

C17 S. 20B applied (with modifications) by Social Security Administration (Northern Ireland) Act 1992 (c. 8), s. 104ZA (as substituted (6.4.2005) by National Insurance Contributions and Statutory Payments Act 2004 (c. 3), ss. 8, 13; S.I. 2004/1943, art. 4(b))

C18 S. 20B applied (with modifications) by Social Security Administration Act 1992 (c. 5), s. 110ZA (as substituted (6.4.2005) by National Insurance Contributions and Statutory Payments Act 2004 (c. 3), ss. 7, 13; S.I. 2004/1943, art. 4(a))

C19 S. 20B(3) amended (E.W.) (1.1.1992) by S.I. 1991/2684, arts. 2, 4, Sch.1

C20 S. 20B(4) applied by Income and Corporation Taxes Act 1988 (c. 1), s. 767C(8)(a) (as inserted (with effect in accordance with s. 115(3) of the amending Act) by Finance Act 1998 (c. 36), s. 115(1))

C21 S. 20B(8)-(14) applied by Income and Corporation Taxes Act 1988 (c. 1), s. 767C(8)(b) (as inserted (with effect in accordance with s. 115(3) of the amending Act) by Finance Act 1998 (c. 36), s. 115(1))

[F88 20BA Orders for the delivery of documents. U.K.

(1) The appropriate judicial authority may make an order under this section if satisfied on information on oath given by an authorised officer of the Board—

(a) that there is reasonable ground for suspecting that an offence involving serious fraud in connection with, or in relation to, tax is being, has been or is about to be committed, and

(b) that documents which may be required as evidence for the purposes of any proceedings in respect of such an offence are or may be in the power or possession of any person.

(2) An order under this section is an order requiring the person who appears to the authority to have in his possession or power the documents specified or described in the order to deliver them to an officer of the Board within—

(a) ten working days after the day on which notice of the order is served on him, or

(b) such shorter or longer period as may be specified in the order.

For this purpose a “working day” means any day other than a Saturday, Sunday or public holiday.

(3) Where in Scotland the information mentioned in subsection (1) above relates to persons residing or having places of business at addresses situated in different sheriffdoms—

(a) an application for an order may be made to the sheriff for the sheriffdom in which any of the addresses is situated, and

(b) where the sheriff makes an order in respect of a person residing or having a place of business in his own sheriffdom, he may also make orders in respect of all or any of the other persons to whom the information relates (whether or not they have an address within the sheriffdom).

(4) Schedule 1AA to this Act contains provisions supplementing this section.]

Textual Amendments

F88 S. 20BA inserted (28.7.2000) by Finance Act 2000 (c. 17), s. 149(1)

Modifications etc. (not altering text)

C22 S. 20BA applied (1.8.2002 for specified purposes) by Tax Credits Act 2002 (c. 21), ss. 36(1), 61; S.I. 2002/1727, art. 2

C23 S. 20BA applied (E.W.) (6.4.2009) by The Education (Student Loans) (Repayment) Regulations 2009 (S.I. 2009/470), regs. 1(1), 33(1) (with reg. 1(4)(6))

C24 Ss. 20BA, 20BB applied (N.I.) (6.4.2009) by The Education (Student Loans) (Repayment) Regulations (Northern Ireland) 2009 (S.R. 2009/128), regs. 1(1), 28(1)

[F89 20BB Falsification etc. of documents. U.K.

(1) Subject to subsections (2) to (4) below, a person shall be guilty of an offence if he intentionally falsifies, conceals, destroys or otherwise disposes of, or causes or permits the falsification, concealment, destruction or disposal of, a document which—

(a) he has been required by a notice under section F90 ... 20A above [F91 or an order under section 20BA above], or

(b) he has been given an opportunity in accordance with section 20B(1) above,

to deliver, or to deliver or make available for inspection.

(2) A person does not commit an offence under subsection (1) above if he acts—

(a) with the written permission of [F92 the tribunal], the inspector or an officer of the Board,

(b) after the document has been delivered F93 ... , or

(c) after a copy has been delivered in accordance with section 20B(4) or (14) above and the original has been inspected.

(3) A person does not commit an offence under subsection (1)(a) above if he acts after the end of the period of two years beginning with the date on which the notice is given [F94 or the order is made], unless before the end of that period the inspector or an officer of the Board has notified the person in writing that the notice [F95 or order] has not been complied with to his satisfaction.

(4) A person does not commit an offence under subsection (1)(b) above if he acts—

(a) after the date of the period of six months beginning with the date on which an opportunity to deliver the document was given, or

(b) after an application for consent to a notice being given in relation to the document has been refused.

(5) A person guilty of an offence under subsection (1) above shall be liable—

(a) on summary conviction, to a fine not exceeding the statutory maximum;

(b) on conviction on indictment, to imprisonment for a term not exceeding two years or to a fine or both.]

Textual Amendments

F89 S. 20BB inserted by Finance Act 1989 s. 145(1)(2) in relation to any falsification, concealment, destruction or disposal of a document occurring on or after 27 July 1989.

F90 Words in s. 20BB(1)(a) omitted (1.4.2009) by virtue of Finance Act 2008 (c. 9), s. 113(2), Sch. 36 para. 69(2) (with Sch. 36 para. 38); S.I. 2009/404, art. 2 (with art. 4)

F91 Words in s. 20BB(1)(a) inserted (28.7.2000) by Finance Act 2000 (c. 17), s. 149(3)(a)

F92 Words in s. 20BB(2)(a) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 11

F93 Words in s. 20BB(2)(b) omitted (1.4.2009) by virtue of Finance Act 2008 (c. 9), s. 113(2), Sch. 36 para. 69(3) (with Sch. 36 para. 38); S.I. 2009/404, art. 2 (with art. 4)

F94 Words in s. 20BB(3) inserted (28.7.2000) by Finance Act 2000 (c. 17), s. 149(3)(b)

F95 Words in s. 20BB(3) inserted (28.7.2000) by Finance Act 2000 (c. 17), s. 149(3)(c)

Modifications etc. (not altering text)

C16 Ss. 20B, 20BB applied (with modifications) (6.4.2003) by Tax Credits Act 2002 (c. 21), s. 25(3)(4), 61; S.I. 2002/1727, art. 2

C24 Ss. 20BA, 20BB applied (N.I.) (6.4.2009) by The Education (Student Loans) (Repayment) Regulations (Northern Ireland) 2009 (S.R. 2009/128), regs. 1(1), 28(1)

C25 S. 20BB applied (with modifications) (31.7.1997) by Finance (No. 2) Act 1997 (c. 58), Sch. 2 para. 13(1)(2)

C26 S. 20BB applied (N.I.) (1.4.2000) by The Education (Student Loans) (Repayment) Regulations (Northern Ireland) 2000 (S.R. 2000/121), regs. 1, 44(3)

C27 S. 20BB applied (1.8.2002 for specified purposes) by Tax Credits Act 2002 (c. 21), ss. 36(1), 61; S.I. 2002/1727, art. 2

C28 S. 20BB applied (with modifications) by Social Security Administration Act 1992 (c. 5), s. 110ZA (as substituted (6.4.2005) by National Insurance Contributions and Statutory Payments Act 2004 (c. 3), ss. 7, 13; S.I. 2004/1943, art. 4(a))

C29 S. 20BB applied (with modifications) by Social Security Administration (Northern Ireland) Act 1992 (c. 8), s. 104ZA (as substituted (6.4.2005) by National Insurance Contributions and Statutory Payments Act 2004 (c. 3), ss. 8, 13; S.I. 2004/1943, art. 4(b))

C30 S. 20BB applied (E.W.) (6.4.2009) by The Education (Student Loans) (Repayment) Regulations 2009 (S.I. 2009/470), regs. 1(1), 33(1) (with reg. 1(4)(6))

F96 20C Entry with warrant to obtain documents. U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F96 Ss. 20C, 20CC repealed (8.11.2007) by Finance Act 2007 (c. 11), s. 84(5), Sch. 22 para. 4(a), Sch. 27 Pt. 5(1); S.I. 2007/3166, art. 2(c)

F96 20CC Procedure where documents etc. are removed. U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F96 Ss. 20C, 20CC repealed (8.11.2007) by Finance Act 2007 (c. 11), s. 84(5), Sch. 22 para. 4(a), Sch. 27 Pt. 5(1); S.I. 2007/3166, art. 2(c)

[F63 20D Interpretation of ss.20 to 20C. U.K.

(1) For the purposes of [F97 sections 20A and 20BA] above, “the appropriate judicial authority” is—

(a) in England and Wales, a Circuit judge [F98 or a District Judge (Magistrates' Courts)];

(b) in Scotland, a sheriff; and

(c) in Northern Ireland, a county court judge.

(2) For the purposes of [F99 section] 20A, a person stands in relation to another as tax accountant at any time when he assists the other in the preparation [F100 or delivery of any information, return, accounts or other document which he knows will be, or is or are likely to be, used] for any purpose of tax; and his clients are all those to whom he stands or has stood in that relationship.

F101 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ]

Textual Amendments

F63 Ss 20, 20A, 20B, 20C, 20D substituted for s. 20 by Finance Act 1976 (c. 40), s. 57, Sch. 6.

F97 Words in s. 20D(1) substituted (1.12.2007) by Finance Act 2007 (c. 11), s. 84(5), Sch. 22 para. 1; S.I. 2007/3166, art. 3(a)

F98 Words in s. 20D(1)(a) inserted (1.4.2005) by Courts Act 2003 (c. 39), s. 110(1), Sch. 4 para. 2(a); S.I. 2005/910, art. 3(u)

F99 Word in s. 20D(2) substituted (1.4.2009) by Finance Act 2008 (c. 9), s. 113(2), Sch. 36 para. 70(2) (with Sch. 36 para. 38); S.I. 2009/404, art. 2 (with art. 4)

F100 Finance Act 1989 (c. 26), s. 148(2).

F101 S. 20D(3) omitted (1.4.2009) by virtue of Finance Act 2008 (c. 9), s. 113(2), Sch. 36 para. 70(3) (with Sch. 36 para. 38); S.I. 2009/404, art. 2 (with art. 4)

21 Stock jobbers’ transactions. U.K.

[F102 (1) The Board may exercise the powers conferred by this section as respects, and in connection with, any business consisting in or involving dealings in securities; and for the purposes of this section it shall be immaterial whether those dealings are or, as the case may be, were—

(a) on behalf of persons other than the person carrying on the business;

(b) by that person on his own behalf; or

(c) a mixture of the two.]

(2) With a view to obtaining information about [F103 securities transactions] in the course of a business within subsection (1) above, the Board may serve on the [F104 person] F105 ... by whom the business is or has been carried on a notice requiring him to make available within a time specified in the notice, for inspection by an inspector or other officer of the Board, all such books, accounts and other documents in his possession or power as may be specified or described in the notice, being books, accounts or other documents which in the opinion of the Board contain or may contain information directly or indirectly relating to any such transactions.

(3) The Board may serve on any broker a notice requiring him to make available within a time specified in the notice, for inspection by an inspector or other officer of the Board, all such books, accounts or other documents in his possession or power as may be specified or described in the notice, being books, accounts or other documents which in the opinion of the Board contain or may contain information relating directly or indirectly to [F106 securities transactions in the course of any business of a person other than the broker which is] a business within subsection (1) above.

[F107 (4) Where a person (“the recipient”) who is not a broker has directly or indirectly received from another person any payment which—

(a) is made by that other person in the course of a business within subsection (1) above, and

(b) is a payment treated by that other person as made in respect of interest on securities,

the Board may by notice in writing require the recipient to state, within a time specified in the notice, whether the amount received is in whole or in part received on behalf of, or for payment on to, a third person and (if it is) to furnish the name and address of that third person.

(4A) Where a person (“the payer”) has directly or indirectly paid to another person any sum which—

(a) constitutes a receipt by that other person in the course of a business within subsection (1) above, and

(b) is a receipt treated by that other person as accruing in respect of interest on securities,

the Board may by notice in writing require the payer to state, within a time specified in the notice, whether the amount paid is in whole or in part received from, or paid on account of, a third person and (if it is) to furnish the name and address of that third person.]

(5) If, for the purpose of obtaining (from any persons [F108 at all]) information directly or indirectly relating to any [F109 securities transactions] in the course of a business within subsection (1) above, any person in whose name any securities are registered is so required by notice in writing by the Board, he shall state whether or not he is the beneficial owner of those securities, and, if not the beneficial owner of those securities or any of them, shall furnish the name and address of the person or persons on whose behalf the securities are registered in his name.

[F110 (5A) Where it appears to the Board that a person may have incurred a liability to pay or account for tax under [F111 Chapter 2 of Part 11 or Chapter 9 of Part 15 of ITA 2007] (manufactured payments), the Board may by notice served on that person require him, within such period (not being less than 28 days) as may be specified in the notice, to provide the Board with information which—

(a) is available to that person; and

(b) is or may be relevant to whether that person has incurred such a liability, or to the extent of such a liability.]

(6) The Board may not exercise their powers under the preceding provisions of this section for the purpose of obtaining information relating to transactions in any year of assessment ending more than six years before the service of the notice.

[F112 (7) In this section—

• “broker” means any person who is a member of a recognised investment exchange, within the meaning [F113 given by section 285(1)(a) of the Financial Services and Markets Act 2000];

• “interest” includes dividends;

• “securities” includes shares and stock; and

• “securities transaction” means—

  (a)

  any transaction in securities;

  (b)

  any transaction under which a payment which is representative of any interest on a security has been, is to be or may be made; or

  (c)

  the making or receipt of such a payment.]

Textual Amendments

F102 S. 21(1) substituted (with effect in accordance with Sch. 10 para. 16(1)(2) of the amending Act and S.I. 1997/991, art. 2) by Finance Act 1997 (c. 16), Sch. 10 para. 14(2) (with Sch. 10 para. 16(3))

F103 Words in s. 21(2) substituted (with effect in accordance with Sch. 10 para. 16(1)(2) of the amending Act and S.I. 1997/991, art. 2) by Finance Act 1997 (c. 16), Sch. 10 para. 14(3)(a) (with Sch. 10 para. 16(3))

F104 Word in s. 21(2) substituted (with effect in accordance with Sch. 10 para. 16(1)(2) of the amending Act and S.I. 1997/991, art. 2) by Finance Act 1997 (c. 16), Sch. 10 para. 14(3)(b) (with Sch. 10 para. 16(3))

F105 Words omitted repealed by Finance Act 1973 ss. 54, 59(7), Sch. 21 para. 5, Sch. 22 Pt. IV from 25 March 1973 except in relation to things done before that day.

F106 Words in s. 21(3) substituted (with effect in accordance with Sch. 10 para. 16(1)(2) of the amending Act and S.I. 1997/991, art. 2) by Finance Act 1997 (c. 16), Sch. 10 para. 14(4) (with Sch. 10 para. 16(3))

F107 S. 21(4)(4A) substituted for s. 21(4) (with effect in accordance with Sch. 10 para. 16(1)(2) of the amending Act and S.I. 1997/991, art. 2) by Finance Act 1997 (c. 16), Sch. 10 para. 14(5) (with Sch. 10 para. 16(3))

F108 Words in s. 21(5) substituted (with effect in accordance with Sch. 10 para. 16(1)(2) of the amending Act and S.I. 1997/991, art. 2) by Finance Act 1997 (c. 16), Sch. 10 para. 14(6)(a) (with Sch. 10 para. 16(3))

F109 Words in s. 21(5) substituted (with effect in accordance with Sch. 10 para. 16(1)(2) of the amending Act and S.I. 1997/991, art. 2) by Finance Act 1997 (c. 16), Sch. 10 para. 14(6)(b) (with Sch. 10 para. 16(3))

F110 S. 21(5A) inserted (with effect in accordance with Sch. 10 para. 16(1)(2) of the amending Act and S.I. 1997/991, art. 2) by Finance Act 1997 (c. 16), Sch. 10 para. 14(7) (with Sch. 10 para. 16(3))

F111 Words in s. 21(5A) substituted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 248 (with Sch. 2)

F112 S. 21(7) substituted (with effect in accordance with Sch. 10 para. 16(1)(2) of the amending Act and S.I. 1997/991, art. 2) by Finance Act 1997 (c. 16), Sch. 10 para. 14(8) (with Sch. 10 para. 16(3))

F113 Words in s. 21(7) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), arts. 1(2)(a), 3

Modifications etc. (not altering text)

C31 S. 21 applied (with modifications) (22.3.1992) by S.I. 1992/569, regs. 18, 22

C32 S. 21 applied (with modifications) (24.9.1992) by S.I. 1992/2074, regs. 9, 12

C33 S. 21 applied (with modifications) (1.10.1993) by S.I. 1993/2004, reg. 16

C34 S. 21 applied (with modifications) (25.8.1995) by The Income Tax (Manufactured Dividends) (Tradepoint) Regulations 1995 (S.I. 1995/2052), regs. 1, 13

C35 S. 21 restricted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 2 para. 2(a); S.I. 2005/1126, art. 2(2)(d)

Surtax U.K.

F114 22 Additional particulars for surtax. U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F114 S. 22 omitted (13.8.2009) by virtue of The Finance Act 2009, Schedule 47 (Consequential Amendments) Order 2009 (S.I. 2009/2035), art. 1, Sch. para. 5

23 Power to obtain copies of registers of securities. U.K.

(1) The Board may cause to be served upon any body corporate a notice requiring them to deliver to the Board within a specified time, being not less than twenty-one days, a copy, certified by a duly authorised officer of such body, of the whole of, or any specified class of entries in, any register containing the names of the holders of any securities issued by them.

(2) On delivery of the copy in accordance with the notice payment shall be made therefor at the rate of five shillings in respect of each one hundred entries.

(3) In this section “security” includes shares, stock, debentures and debenture stock, and “entry” means, in relation to any register, so much thereof as relates to the securities held by any one person.

Modifications etc. (not altering text)

C36 S. 23 restricted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 2 para. 2(b); S.I. 2005/1126, art. 2(2)(d)

C37 S. 23(2) modified by Decimal Currency Act 1969 (c.19), ss. 10, 16(1) (references to shillings and pence in enactments passed before 15.2.1971 to be read on and after that day as referring to equivalent amount in the new currency).

24 Power to obtain information as to income from securities. U.K.

(1) The Board may by notice in writing require—

(a) any person, being a registered or inscribed holder of any United Kingdom securities, who, in any year of assessment, has received on behalf of any other person any income arising from any such securities, or

(b) any person by or through whom, in any year of assessment, any income in respect of United Kingdom securities has been paid in any case where—

(i) the registered or inscribed holder of the securities is not the person to whom the income was paid, or

(ii) the securities are bearer securities,

to furnish them, within such time as may be specified in the notice (not being less than twenty-eight days) with particulars of the amounts so received or, as the case may be, paid in that year (other than amounts received or paid in that year on behalf of or to any one person which did not exceed in the aggregate the sum of £15), the securities to which those amounts respectively relate, and the names and addresses of the persons on whose behalf or to whom those amounts were respectively received or paid.

(2) The Board may similarly require any person who acts or has acted, directly or indirectly, as an intermediary or as one of a series of intermediaries between any such person as is specified in subsection (1)(a) or (b) above and the person or persons beneficially entitled to the income in question to furnish such information as the Board may require for the purpose of enabling them to ascertain the names and addresses of the person or persons beneficially entitled to the income and the respective amounts to which those persons were beneficially entitled.

(3) Nothing in this section shall impose on any bank the obligation to disclose any particulars relating to income from securities in cases where the person beneficially entitled to the income is not resident in the United Kingdom.

[F115 (3ZA) If—

(a) a person beneficially entitled to income from any securities is resident in a territory outside the United Kingdom, and

(b) there are double taxation arrangements with respect to income tax or corporation tax which relate to that territory,

subsection (3) does not exempt any bank from the duty of disclosing to the Board particulars relating to the income of that person.

(3ZB) In subsection (3ZA) “double taxation arrangements” means arrangements which have effect under section 2(1) of TIOPA 2010 (double taxation relief by agreement with territories outside the United Kingdom).]

[F116 (3A) In this section “bank” has the meaning given by [F117 section 991 of ITA 2007].]

(4) In this section—

• “securities” includes shares, stocks, bonds, debentures and debenture stock, and

• “United Kingdom securities” means any securities issued by or on behalf of Her Majesty’s Government in the United Kingdom or the Government of Northern Ireland and any securities of a body corporate incorporated in any part of the United Kingdom.

Textual Amendments

F115 S. 24(3ZA)(3ZB) inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 4 (with Sch. 9 paras. 1-9, 22)

F116 S. 24(3A) inserted (with application in accordance with Sch. 37 para. 11(5) of the amending Act) by Finance Act 1996 (c. 8), Sch. 37 para. 11(1)(2)(c)

F117 Words in s. 24(3A) substituted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 249 (with Sch. 2)

Modifications etc. (not altering text)

C38 S. 24 restricted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 2 para. 2(c); S.I. 2005/1126, art. 2(2)(d)

Chargeable gains U.K.

25 Issuing houses, stockbrokers, auctioneers, etc. U.K.

(1) For the purpose of obtaining particulars of chargeable gains an inspector may by notice in writing require a return under any of the provisions of this section.

(2) An issuing house or other person carrying on a business of effecting public issues of shares of securities in any company, or placings of shares or securities in any company, either on behalf of the company, or on behalf of holders of blocks of shares or securities which have not previously been the subject of a public issue or placing, may be required to make a return of all such public issues or placings effected by that person in the course of the business in the period specified in the notice requiring the return, giving particulars of the persons to or with whom the shares or securities are issued, allotted or placed, and the number or amount of the shares or securities so obtained by them respectively.

(3) A person not carrying on such a business may be required to make a return as regards any such public issue or placing effected by that person and specified in the notice, giving particulars of the persons to or with whom the shares or securities are issued, allotted, or placed and the number or amount of the shares or securities so obtained by them respectively.

(4) A member of a stock exchange in the United Kingdom, other than a [F118 market maker], may be required to make a return giving particulars of any transactions effected by him in the course of his business in the period specified in the notice requiring the return and giving particulars of—

(a) the parties to the transactions,

(b) the number or amount of the shares or securities dealt with in the respective transactions, and

(c) the amount or value of the consideration.

(5) A person (other than a member of a stock exchange in the United Kingdom) who acts as an agent or broker in the United Kingdom in transactions in shares or securities may be required to make a return giving particulars of any such transactions effected by him after 5th April 1968 and in the period specified in the notice, and giving particulars of—

(a) the parties to the transactions,

(b) the number or amount of the shares or securities dealt with in the respective transactions, and

(c) the amount or value of the consideration.

(6) The committee or other person or body of persons responsible for managing a clearing house for any terminal market in commodities may be required to make a return giving particulars of any transactions effected through the clearing house in the period specified in the notice requiring the return and giving particulars of—

(a) the parties to the transactions,

(b) the amounts dealt with in those transactions respectively, and

(c) the amount or value of the consideration.

(7) An auctioneer, and any person carrying on a trade of dealing in any description of tangible movable property, or of acting as an agent or intermediary in dealings in any description of tangible movable property, may be required to make a return giving particulars of any transactions effected by or through him in which any asset which is tangible movable property is disposed of for a consideration the amount or value of which, in the hands of the recipient, exceeds [F119 £6,000].

(8) No person shall be required under this section to include in a return particulars of any transaction effected more than three years before the service of the notice requiring him to make the return.

(9) In this section “company” and “shares” shall be construed in accordance with [F120 sections 99[F121 , 103A] and 288(1) of the 1992 Act].

[F122 (10) In this section “market maker”, in relation to shares or securities, means a person who—

(a) holds himself out at all normal times in compliance with the rules of The Stock Exchange as willing to buy and sell shares or securities of the kind concerned at a price specified by him, and

(b) is recognised as doing so by the Council of The Stock Exchange.]

Textual Amendments

F118 Finance Act 1986 s. 63, Sch. 18 para. 8 in relation to transactions on or after 27 October 1986.

F119 Finance Act 1989 (c. 26), s. 123 in relation to disposals on or after 6 April 1989.Previously “£3,000” by Finance Act 1982 s. 81(1)(c) in relation to disposals on or after 6 April 1982.

F120 Words in s. 25(9) substituted (6.3.1992 with effect as mentioned in s. 289(1)(2) of the amending Act) by virtue of Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 10 para. 2(4) (with ss. 60, 101(1), 171, 201(3))

F121 Words in s. 25(9) inserted (1.12.2009) by Finance Act 2009 (c. 10), Sch. 22 paras. 11(1)(a), 13(1)

F122 Finance Act 1986 s. 63, Sch. 18 para. 8 in relation to transactions on or after 27 October 1986.

Modifications etc. (not altering text)

C39 See Finance Act 1973 s. 54(1)—to be construed as reference to a member of The Stock Exchange on and after 25 March 1973 except in relation to things done before that day.

26 Nominee shareholders. U.K.

(1) If, for the purpose of obtaining particulars of chargeable gains, any person in whose name any shares of a company are registered is so required by notice in writing by the Board or an inspector, he shall state whether or not he is the beneficial owner of those shares and, if not the beneficial owner of those shares or any of them, shall furnish the name and address of the person or persons on whose behalf the shares are registered in his name.

(2) In this section references to shares include references to securities and loan capital.

27 Settled property. U.K.

(1) The Board may by notice in writing require any person, being a party to a settlement, to furnish them within such time as they may direct (not being less than twenty-eight days) with such particulars as they think necessary for the purposes of [F123 the [F124 1992 Act]].

(2) In this section “settlement” has the meaning given by [F125 section 620 of ITTOIA 2005].

Textual Amendments

F123 Capital Gains Tax Act 1979 (c. 14), s. 157(2), Sch. 7 para. 8 for 1979-80 et seq.

F124 Words in s. 27(1) substituted (6.3.1992 with effect as mentioned in s. 289(1)(2) of the amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 10 para. 2(2) (with ss. 60, 101(1), 171, 201(3))

F125 Words in s. 27(2) substituted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 368 (with Sch. 2)

F126 28 Non-resident companies and trusts. U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F126 S. 28 omitted (13.8.2009) by virtue of The Finance Act 2009, Schedule 47 (Consequential Amendments) Order 2009 (S.I. 2009/2035), art. 1, Sch. para. 6