Information to be provided by the investorU.K.
42(1)Where—
(a)the investor has obtained relief in respect of the investment, and
(b)an event occurs by reason of which relief attributable to the investment for any F1... accounting period falls to be withdrawn or reduced by virtue of paragraph 28, 29, 30 or 32,
the investor must give the Inland Revenue a notice containing particulars of the event.
(2)Where sub-paragraph (1) requires the giving of a notice, then, subject to sub-paragraph (3) the investor must give the notice not later than—
F2(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)F3... the end of the period of 12 months beginning with the end of the accounting period in which the event occurred.
(3)Where—
(a)the investor is required to give a notice by virtue of the receipt of value by a person connected with the investor (see paragraph 39), and
(b)the end of the period of 60 days beginning when the investor comes to know of that event is later than the final notice date under sub-paragraph (2),
the notice must be given within that 60 day period.
(4)In this paragraph “the Inland Revenue” means any officer of the Board.
Textual Amendments
F1Words in Sch. 16 para. 42(1) repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 419(29)(a), Sch. 3 Pt. 1 (with Sch. 2)
F2Sch. 16 para. 42(2)(a) and word repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 419(29)(b), Sch. 3 Pt. 1 (with Sch. 2)
F3Words in Sch. 16 para. 42(2)(b) repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 419(29)(b), Sch. 3 Pt. 1 (with Sch. 2)
Commencement Information
I1Sch. 16 para. 42 in force at 23.1.2003 by S.I. 2003/88, arts. 2, 3