Finance Act 1984

Information

15 (1) The Board may by notice in writing require any person 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 section 70 of this Act and this Schedule.

(2) Subsections (2) to (5) of section 481 of the Taxes Act shall have effect in relation to sub-paragraph (1) above as they have effect in relation to subsection (1) of that section ; but, in the application of those subsections by virtue of this sub-paragraph, references to Chapter III of Part XVII of the Taxes Act shall be construed as references to section 70 of this Act and this Schedule.

(3) In any case where—

(a) a claim has been made, and

(b) as a result of the claim, payment of an amount of capital gains tax was postponed by virtue of this Schedule, and

(c) at a time when any of that tax remains unpaid, there is a disposal to which paragraph 11(2) above applies or the beneficiary or a close relative of his receives such a capital payment as is referred to in paragraph 11(3) above,

then, not later than three months after the end of the year of assessment in which the disposal occurs or the payment is received, the beneficiary shall inform the Board of the disposal or receipt, as the case may be.

(4) The Table in section 98 of the [1970 c. 9.] Taxes Management Act 1970 (penalties for failure to comply with notices, furnish information etc.) shall be amended as follows—

(a) at the end of the first column there shall be inserted—

“Paragraph 15(1) of Schedule 14 to the Finance Act 1984”; and

(b) at the end of the second column there shall be inserted—

“Paragraph 15(3) of Schedule 14 to the Finance Act 1984”.