(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
F1Ss. 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)