F1PART 7AHolders of licences under the Petroleum Act 1998
F2Supplementary
Ss. 77H-77K and cross-heading 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. 4 (with Sch. 9 paras. 1-9, 22)
77IInformation
1
The holder of a licence must, if required to do so by a notice served on the holder by an officer of Revenue and Customs, give to the officer within the time specified by the notice (which is not to be less than 30 days) such particulars as may be required by the notice of—
a
licence-related transactions (see subsection (2)),
b
licence-related payments (see subsection (3)), or
c
persons to whom licence-related payments have been paid or are payable.
2
In subsection (1) “licence-related transaction” means a transaction in connection with activities authorised by the licence as a result of which any person is or might be liable to tax by virtue of—
a
section 276 of the 1992 Act,
b
section 874 of ITTOIA 2005, or
c
section 1313 of CTA 2009.
3
In subsection (1) “licence-related payment” means—
a
earnings which constitute employment income (see section 7(2)(a) of ITEPA 2003),
b
amounts which are treated as earnings and constitute employment income (see section 7(2)(b) of ITEPA 2003), or
c
other payments,
paid or payable in respect of duties or services performed in an area in which activities authorised by the licence may be carried on under the licence.
4
If a notice under subsection (1) is served on the holder of a licence, the holder must take reasonable steps to obtain the information necessary to enable the holder to comply with the notice.
Pt. 7A 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. 2 (with Sch. 9 paras. 1-9, 22)