Finance Act 2004

313 Duty of parties to notifiable arrangements to notify Board of number, etc. U.K.

(1) Any person who is a party to any notifiable arrangements must provide the Board with prescribed information relating to—

(a) any reference number notified to him F1 ..., and

(b) the time when he obtains or expects to obtain by virtue of the arrangements an advantage in relation to any relevant tax.

(2) For the purposes of subsection (1) a tax is a “relevant tax” in relation to any notifiable arrangements if it is prescribed in relation to arrangements of that description by regulations under section 306.

(3) Regulations [F2 made by HMRC] may—

(a) in prescribed cases, require the [F3 information prescribed under subsection (1)] to be included in any return or account which the person is required by or under any enactment to deliver to the Board, and

(b) in prescribed cases, require the [F4 information prescribed under subsection (1) and such other information as is prescribed] to be provided separately to the Board at the prescribed time or times.

(4) A person is not liable to a penalty under—

[F5 (a) any provision relating to incorrect or uncorrected returns made under section 98 of the Finance Act 1986 (administration of stamp duty reserve tax),

(b) Schedule 24 to the Finance Act 2007 (penalties for errors), or

(c) any other prescribed provision,]

by reason of any failure to include in any return or account any reference number or other information required by virtue of subsection (3)(a) (but see section 98C of the Taxes Management Act 1970 for the penalty for failure to comply with this section).

[F6 (5) HMRC may give notice that, in relation to notifiable arrangements specified in the notice, persons are not under the duty under subsection (1) after the date specified in the notice.]

[F7 (6) The duty under subsection (1) does not apply in prescribed circumstances.]

Textual Amendments

F1 Words in s. 313(1)(a) omitted (1.11.2008 except for the purposes of Stamp Duty Land tax, 1.4.2010 in so far as not already in force) by virtue of Finance Act 2008 (c. 9), s. 116(2), Sch. 38 para. 5(2); S.I. 2008/1935, art. 2(1) (with art. 2(2)); S.I. 2010/409, art. 2

F2 Words in s. 313(3) substituted (1.11.2008 except for the purposes of Stamp Duty Land tax, 1.4.2010 in so far as not already in force) by Finance Act 2008 (c. 9), s. 116(2), Sch. 38 para. 5(3)(a); S.I. 2008/1935, art. 2(1) (with art. 2(2)); S.I. 2010/409, art. 2

F3 Words in s. 313(3)(a) substituted (1.11.2008 except for the purposes of Stamp Duty Land tax, 1.4.2010 in so far as not already in force) by Finance Act 2008 (c. 9), s. 116(2), Sch. 38 para. 5(3)(b); S.I. 2008/1935, art. 2(1) (with art. 2(2)); S.I. 2010/409, art. 2

F4 Words in s. 313(3)(b) substituted (1.11.2008 except for the purposes of Stamp Duty Land tax, 1.4.2010 in so far as not already in force) by Finance Act 2008 (c. 9), s. 116(2), Sch. 38 para. 5(3)(c); S.I. 2008/1935, art. 2(1) (with art. 2(2)); S.I. 2010/409, art. 2

F5 S. 313(4)(a)-(c) substituted for s. 313(4)(a)-(g) (1.4.2009) by The Finance Act 2008, Schedule 40 (Appointed Day, Transitional Provisions and Consequential Amendments) Order 2009 (S.I. 2009/571), art. 1(1), Sch. 1 para. 26

F6 S. 313(5) inserted (1.11.2008 except for the purposes of Stamp Duty Land tax, 1.4.2010 in so far as not already in force) by Finance Act 2008 (c. 9), s. 116(2), Sch. 38 para. 5(4); S.I. 2008/1935, art. 2(1) (with art. 2(2)); S.I. 2010/409, art. 2

F7 S. 313(6) inserted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 17 para. 6

Commencement Information

I1 S. 313 wholly in force at 1.8.2004; s. 313 in force for certain purposes at Royal Assent and otherwise in force at 1.8.2004 see s. 319(1)