Finance Act 1998

13 (1) A notice requiring a company tax return may require details of assets acquired by the company in the period specified in the notice. U.K.

The details required may include details of the person from whom the asset was acquired and the consideration for its acquisition.

(2) The power in sub-paragraph (1) does not apply to —

(a) assets exempted by —

• section 121 of the M1 Taxation of Chargeable Gains Act 1992 (government non-marketable securities), or

• section 263 of that Act (passenger vehicles); or

(b) tangible movable property, unless—

(i) the amount or value of the consideration for its acquisition exceeded £6,000, or

(ii) it is within the exceptions in section 262(6) of the Taxation of Chargeable Gains Act 1992 (terminal markets and currency); or

(c) assets acquired as trading stock, unless they are held for the purposes of [F1 long-term] business carried on by an insurance company.

(3) In sub-paragraph (2)(c)—

• “trading stock” has the meaning given by section 100(2) of the Taxes Act 1988, and

• “ [F2 long-term] business” and “insurance company” have the meaning given by section 431(2) of that Act.

Textual Amendments

F1 Words in Sch. 18 para. 13(2)(c) substituted (1.12.2001) by S.I. 2001/3629, art. 103(1)(2)

F2 Words in Sch. 18 para. 13(3) substituted (1.12.2001) by S.I. 2001/3629, art. 103(1)(2)

Marginal Citations

M1 1992 c. 12.