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Version Superseded: 01/07/1999
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M1(1)The Board may, by notice given to any body corporate, require it to give to the Board, within such time (not being less than 30 days) as may be specified in the notice, such particulars (which may include details of relevant documents) as may be so specified of any related transaction which appears to the Board—
(a)to be, or to be connected with, a transaction with respect to which the Board might give a direction under section 770; or
(b)to be relevant for determining whether such a direction could or should be given in any case; or
(c)to be relevant for determining for the purposes of that section what price any property sold would have fetched had the sale been one between independent persons dealing at arm’s length.
(2)For the purposes of a notice under subsection (1) above, a transaction is a related transaction if, but only if, it is one to which the body corporate to which the notice is given, or a body corporate associated with that body, was a party; and for the purposes of this subsection two bodies corporate are associated with one another if one is under the control of the other or both are under the control of the same person or persons.
(3)Where, in the case of a transaction with respect to which it appears to the Board that a direction under section 770 might be given—
(a)one of the parties is a body corporate resident outside the United Kingdom and a 51 per cent. subsidiary of a body corporate (“the parent body”) resident in the United Kingdom; and
(b)the other party is, or is a 51 per cent. subsidiary of, the parent body,
the Board may, by notice given to the parent body, require it to make available for inspection any books, accounts or other documents or records whatsoever of the parent body or, subject to subsection (4) below, of any body of persons over which it has control which relate to that transaction, to any other transaction (of whatever nature) in the same assets, or to transactions (of whatever nature) in assets similar to those to which the first-mentioned transaction related.
(4)If, in a case in which under subsection (3) above the parent body is by notice required to make available for inspection any books, accounts, documents or records of a body of persons resident outside the United Kingdom over which the parent body has control, it appears to the Board, on the application of the parent body, that the circumstances are such that the requirement ought not to have effect, the Board shall direct that the parent body need not comply with the requirement.
(5)If, on an application under subsection (4) above, the Board refuse to give a direction under that subsection, the parent body may, by notice given to the Board within 30 days after the refusal, appeal to the Special Commissioners who, if satisfied that the requirement in question ought in the circumstances not to have effect, may determine accordingly.
(6)Where it appears to the Board that a body of persons may be a party to a transaction or transactions with respect to which a direction under section 770 might be given, then, for the purpose of assisting the Board to determine whether such a direction should be given, an inspector specifically authorised in that behalf by the Board may, at any reasonable time, on production if so required of his authority—
(a)enter any premises used in connection with the relevant trade carried on by that body of persons (that is to say, the trade in the course of which the transaction or transactions were effected),
(b)inspect there any books, accounts or other documents or records whatsoever relating to that trade which he considers it necessary for him to inspect for that purpose, and
(c)require any such books, accounts or other documents or records to be produced to him there for inspection.
(7)An inspector’s authority for entering any premises under subsection (6) above shall state the name of the inspector and the name of the body of persons carrying on the trade in connection with which the premises are used.
(8)If and so far as the question in dispute on an appeal to the General Commissionersor, in Northern Ireland, to a county courtF1 against an assessment to tax arises from a direction of the Board under section 770 the question shall be referred to and determined by the Special Commissioners.
Textual Amendments
F1 Repealed by 1990 s.132and Sch.19 Part IVbut not to affect proceedings instituted before 3April 1989.
Modifications etc. (not altering text)
C1Ss. 770-772 modified (29.4.1996) by Finance Act 1996 (c. 8), Sch. 9 para. 16
Marginal Citations
M1Source—1975 s.17(3)-(8); OTA s.20(2)
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