(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 under section 311 by the Board or under section 312 by the promoter, 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 under subsection (1) may—
(a)in prescribed cases, require the number and other information 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 number and other information to be provided separately to the Board at the prescribed time or times.
(4)A person is not liable to a penalty under—
(a)section 95 of the Taxes Management Act 1970 (c. 9) (incorrect return or accounts for income tax or capital gains tax),
(b)paragraph 8 of Schedule 2 to the Oil Taxation Act 1975 (c. 22) (incorrect returns and accounts for purposes of petroleum revenue tax),
(c)section 247 of the Inheritance Tax Act 1984 (c. 51) (provision of incorrect information for purposes of inheritance tax),
(d)any provision relating to incorrect or uncorrected returns made under section 98 of the Finance Act 1986 (c. 41) (administration of stamp duty reserve tax),
(e)paragraph 20 of Schedule 18 to the Finance Act 1998 (c. 36) (incorrect or uncorrected return for corporation tax),
(f)paragraph 8 of Schedule 10 to the Finance Act 2003 (c. 14) (incorrect or uncorrected return for purposes of stamp duty land tax), or
(g)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).