PART IIIC4 OTHER RETURNS AND INFORMATION
Production of accounts, books and other information
C1C2C3C521 Stock jobbers’ transactions.
F21
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 F3securities transactions in the course of a business within subsection (1) above, the Board may serve on the F4personF1... 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 F5securities transactions in the course of any business of a person other than the broker which is a business within subsection (1) above.
F64
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 F7at all) information directly or indirectly relating to any F8securities 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.
F95A
Where it appears to the Board that a person may have incurred a liability to pay or account for tax under Schedule 23A to the principal Act (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.
F107
In this section—
“broker” means any person who is a member of a recognised investment exchange, within the meaning of the Financial Services Act 1986;
“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.
- a
See also—Finance Act 1973 s.38andSch.15 para.2—particulars which may be required from holder of licence under thePetroleum (Production) Act 1934 (c.36).Finance Act 1974 s.47andSch.10 para.3—duty to make returns in relation to tax on first letting or occupation of building after material development, andpara.4—particulars which may be required for purposes of such tax or tax on development gains.Finance Act 1988 (c. 39, SIF 63:1,2) s. 127—production of computer records.