Textual Amendments
F1Pt. 7 Ch. 3 heading substituted (with effect in accordance with s. 137(2) of the amending Act) by Finance Act 1994 (c. 9), s. 137(1), Sch. 15 para. 2
Modifications etc. (not altering text)
C1Pt. 7 Ch. 3 applied (with effect in accordance with Sch. 13 para. 4(4) of the 1995 amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), Sch. 5B para. 6(4) (as inserted by Finance Act 1995 (c. 4), Sch. 13 para. 4(3))
(1)M1Where an event occurs by reason of which any relief given to an individual falls to be withdrawn by virtue of sections 291, 299, [F2299A or 300], [F3or would fall to be withdrawn under section 300 were it not for the application of section 300A,] the individual shall within 60 days of his coming to know of the event give a notice to the inspector containing particulars of the event.
(2)Where an event occurs by reason of which any relief in respect of any shares in a company falls to be withdrawn by virtue of section [F4[F5289(1)(ba), (c) or (d)], 293], 300, 302 or 303 [F6, or would fall to be withdrawn under section 300 were it not for the application of section 300A,]—
(a)the company; and
(b)any person connected with the company who has knowledge of that matter;
shall within 60 days of the event or, in the case of a person within paragraph (b) above, of his coming to know of it, give a notice to the inspector containing particulars of the event F7. . . .
[F8(2A)Where—
(a)a person is required to give notice under subsection (1) or (2) above of an event by reason of which any relief in respect of any shares in a company—
(i)falls to be withdrawn under section 300, or
(ii)would fall to be so withdrawn were it not for the application of section 300A, and
(b)that person has knowledge of the replacement value received (or expected to be received) from the original recipient by the original supplier by reason of a qualifying receipt,
the notice shall include particulars of that receipt of the replacement value (or expected receipt).
In this subsection “the replacement value”, “the original recipient”, “the original supplier” and “qualifying receipt” shall be construed in accordance with section 300A.]
(3)M2Where—
(a)a company has issued a certificate under section 306(2) in respect of any eligible shares in the company; and
(b)it appears to the company, or to any person connected with the company who has knowledge of the matter, that section 294 may have effect to deny relief in respect of those shares;
the company or (as the case may be) that person or (where it so appears to each of them) both the company and that person shall give notice to the inspector setting out the particulars of the case.
(4)M3If the inspector has reason to believe—
[F9(a)] that a person has not given a notice which he is required to give under subsection (1) or (2) above in respect of any event, or under subsection (3) above in respect of any particular case [F10, or
(b)that a person has given or received value (within the meaning of section 300(2) or (5)) which, but for the fact that the amount given or received was an amount of insignificant value (within the meaning of section 301A(2)), would have triggered a requirement to give a notice under subsection (1) or (2) above, or
(c)that a person has made or received any repayment (within the meaning of section 303AA(2)) which, but for the fact that it falls to be disregarded for the purposes of section 303(1) by virtue of section 303AA(1), would have triggered a requirement to give a notice under subsection (2) above,
the inspector may] by notice require that person to furnish him within such time (not being less than 60 days) as may be specified in the notice with such information relating to the event or case as the inspector may reasonably require for the purposes of this Chapter.
(5)M4Where relief is claimed in respect of shares in a company and the inspector has reason to believe that it may not be due by reason of any such arrangement or scheme as is mentioned in section [F11289(6), 291B(5)], 293(8) [F12, 299B(1)] or 308(2)(e), he may by notice require any person concerned to furnish him within such time (not being less than 60 days) as may be specified in the notice with—
(a)a declaration in writing stating whether or not, according to the information which that person has or can reasonably obtain, any such arrangement or scheme exists or has existed;
(b)such other information as the inspector may reasonably require for the purposes of the provision in question and as that person has or can reasonably obtain.
[F13(6)For the purposes of subsection (5) above the persons who are persons concerned are—
(a)in relation to section 289(6), the claimant, the company and any person controlling the company;
(b)in relation to section 291B(5), the claimant;
(c)in relation to section 293(8) or 308(2)(e), the company and any person controlling the company; and
(d)in relation to section 299B(1), the claimant, the company and any person connected with the company;
and for those purposes references in this subsection to the claimant include references to any person to whom the claimant appears to have made a transfer such as is mentioned in section 304(1) of any of the shares in question.]
(7)M5Where relief has been given in respect of shares in a company—
(a)any person who receives from the company any payment or asset which may constitute value received (by him or another) for the purposes of sections [F14300 and 303(3)]; and
(b)any person on whose behalf such a payment or asset is received,
shall, if so required by the inspector, state whether the payment or asset received by him or on his behalf is received on behalf of any person other than himself and, if so, the name and address of that person.
(8)Where relief has been claimed in respect of shares in a company, any person who holds or has held shares in the company and any person on whose behalf any such shares are or were held shall, if so required by the inspector, state whether the shares which are or were held by him or on his behalf are or were held on behalf of any person other than himself and, if so, the name and address of that person.
(9)No obligation as to secrecy imposed by statute or otherwise shall preclude the inspector from disclosing to a company that relief has been given or claimed in respect of a particular number or proportion of its shares.
[F15(9A)References in this section to withdrawal of relief include its reduction.]
F16(10). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F16(11). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F2Words in s. 310(1) substituted (with effect in accordance with s. 74(3), Sch. 13 para. 22(5) of the amending Act) by Finance Act 1998 (c. 36), Sch. 13 para. 22(1)
F3Words in s. 310(1) inserted (with effect in accordance with Sch. 15 para. 23(5) of the amending Act) by Finance Act 2001 (c. 9), Sch. 15 para. 23(1)
F4Words in s. 310(2) substituted (with effect in accordance with s. 74(3), Sch. 13 para. 22(5) of the amending Act) by Finance Act 1998 (c. 36), Sch. 13 para. 22(2)(a)
F5Words in s. 310(2) substituted (with effect in accordance with Sch. 15 para. 40(2) of the amending Act) by Finance Act 2001 (c. 9), Sch. 15 para. 8
F6Words in s. 310(2) inserted (with effect in accordance with Sch. 15 para. 23(5) of the amending Act) by Finance Act 2001 (c. 9), Sch. 15 para. 23(2)
F7Words in s. 310(2) repealed (with effect in accordance with s. 74(3), Sch. 13 para. 22(5), Sch. 27 Pt. 14 Note 1 of the repealing Act) by Finance Act 1998 (c. 36), Sch. 13 para. 22(2)(b), Sch. 27 Pt. 14
F8S. 310(2A) inserted (with effect in accordance with Sch. 15 para. 23(5) of the amending Act) by Finance Act 2001 (c. 9), Sch. 15 para. 23(3)
F9Word in s. 310(4) inserted (with effect in accordance with Sch. 15 para. 23(5) of the amending Act) by Finance Act 2001 (c. 9), Sch. 15 para. 23(4)
F10S. 310(4)(b)(c) and words substituted for words in s. 310(4) (with effect in accordance with Sch. 15 para. 23(5) of the amending Act) by Finance Act 2001 (c. 9), Sch. 15 para. 23(4)
F11Words in s. 310(5) substituted (with effect as mentioned in s. 137(1)(2) of the amending Act) by Finance Act 1994 (c. 9), Sch. 15 para. 25(c)
F12Words in s. 310(5) inserted (with effect in accordance with s. 71(5) of the amending Act) by Finance Act 1998 (c. 36), s. 71(3)
F13S. 310(6) substituted (with effect in accordance with s. 71(5) of the amending Act) by Finance Act 1998 (c. 36), s. 71(4)
F14Words in s. 310(7) substituted (with effect in accordance with s. 74(3), Sch. 13 para. 22(5) of the amending Act) by Finance Act 1998 (c. 36), Sch. 13 para. 22(3)
F15S. 310(9A) inserted (with effect in accordance with s. 74(3), Sch. 13 para. 22(5) of the amending Act) by Finance Act 1998 (c. 36), Sch. 13 para. 22(4)
F16S. 310(10)(11) repealed (with effect as mentioned in s. 137(1)(2), Sch. 26 Pt. 5(17) Note of the repealing Act) by Finance Act 1994 (c. 9), Sch. 15 para. 25(e), Sch. 26 Pt. 5(17)
Marginal Citations
M1Source-1983 Sch.5 15(1), (2)
M2Source-1983 Sch.5 15A(1); 1986 Sch.9 15
M3Source-1983 Sch.5 15(3), 15A(2); 1986 Sch.9 15
M4Source-1983 Sch.5 15(4), (5), 18(4); 1986 Sch.9 19(2)
M5Source-1981 s.63(7)-(9); 1983 Sch.5 15(6)