Taxes Management Act 1970

Chargeable gains U.K.

25 Issuing houses, stockbrokers, auctioneers, etc. [1965 Sch.X 7(1)—(4).] 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 F1 , other than a [market maker F2 ], 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.

M1 (5) A person (other than a member of a stock exchange in the United Kingdom F1 ) 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.

M2 (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 rrequired 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 [£6,000 F3 ].

(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 [F4 sections 99 and 288(1) of the 1992 Act.].

[(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 F5

Textual Amendments

F1 SeeFinance Act 1973 s.54(1)—to be construed as reference to a member of The Stock Exchange on and after25March1973except in relation to things done before that day.

F2 Finance Act 1986 s. 63and Sch. 18 para. 8in relation to transactions on or after 27October 1986.Previously

“jobber”.

F3 Finance Act 1989 s.123in relation to disposals on or after6April1989.Previously

“£3,000”

byFinance Act 1982 s.81(1)(c)in relation to disposals on or after 6April 1982.

F4 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))

F5 Finance Act 1986 s. 63and Sch. 18 para. 8in relation to transactions on or after 27October 1986.

Marginal Citations

M1 1969 Sch. XIX 13

M2 1965 Sch. X 7(5)-(7)

26 Nominee shareholders. [1952 s.250(4); 1964(M) Sch.IV(1); 1965 Sch.X 8.] 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. [1952 s.410; 1964(M) Sch.IV(1); 1965 Sch.X 9.] 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 [F6 the [F7 1992 Act]].

(2) In this section “settlement” has the meaning given by section [681(4) F8 ] of the principal Act.

Textual Amendments

F6 Capital Gains Tax Act 1979 (c. 14, SIF 63:2), s. 157(2)and Sch. 7 para. 8for 1979-80et seq.

F7 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))

F8 Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1) Sch. 29 para 32.

[F9 M3 28

(1) A person holding shares or securities in a company which is not resident or ordinarily resident in the United Kingdom may be required by a notice by the Board to give such particulars as the Board may consider are required to determine whether the company falls within section 13 of the 1992 Act and whether any chargeable gains have accrued to that company in respect of which the person to whom the notice is given is liable to capital gains tax under that section.

(2) For the purposes of this section “company” and “shares” shall be construed in accordance with sections 99 and 288(1) of the 1992 Act.]

Textual Amendments

F9 S. 28 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(5) (with ss. 60, 101(1), 171, 201(3))

Marginal Citations

M3 Non-resident companies and trusts. [1965 Sch.X 11(1).]