C1Part 7Disclosure of tax avoidance schemes
I1313Duty of parties to notifiable arrangements to notify Board of number, etc.
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 F2..., 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 F3made by HMRC may—
a
in prescribed cases, require the F4information 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 F5information 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—
F1a
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).
F65
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.
F76
The duty under subsection (1) does not apply in prescribed circumstances.
Pt. 7 excluded (17.7.2014) by Finance Act 2014 (c. 26), Sch. 35 para. 13(b)