Part II Income Tax, Corporation Tax and Capital Gains Tax
CHAPTER I General
Employee share ownership trusts
73 Information. C1
1
An inspector may by notice in writing require a return to be made by the trustees of an employee share ownership trust if they have at any time received a sum which has been deducted as mentioned in section 67(2)(a) above or treated as mentioned in section 67(2)(b) above.
2
Where he requires such a return to be made the inspector shall specify the information to be contained in it.
3
The information which may be specified is information the inspector needs for the purposes of sections 68 to 72 above, and may include information about—
a
sums received (including sums borrowed) by the trustees;
b
expenditure incurred by them;
c
assets acquired by them;
d
transfers of assets made by them.
4
The information which may be required under subsection (3)(a) above may include the persons from whom the sums were received.
5
The information which may be required under subsection (3)(b) above may include the purpose of the expenditure and the persons receiving any sums.
6
The information which may be specified under subsection (3)(c) above may include the persons from whom the assets were acquired and the consideration furnished by the trustees.
7
The information which may be included under subsection (3)(d) above may include the persons to whom assets were transferred and the consideration furnished by them.
8
In a case where a sum has been deducted as mentioned in section 67(2)(a)above, or treated as mentioned in section 67(2)(b) above, the inspector shall send to the trustees to whom the payment was made a certificate stating—
a
that a sum has been so deducted or so treated, and
b
what sum has been so deducted or so treated.
9
In the Table in section 98 of the M1Taxes Management Act1970 (penalties for failure to comply with notices etc.) at the end of the first column there shall be inserted— “
Section 73 of the Finance Act 1989
”
.