696Opposed notifications: statutory declarationsU.K.
(1)If a person on whom a notification is served under section 695 is of the opinion that section 684 (person liable to counteraction of income tax advantage) does not apply to the person in respect of the transaction or transactions specified in the notification, the person may—
(a)make a statutory declaration to that effect, stating the facts and circumstances on which the opinion is based, and
(b)send it to the officer of Revenue and Customs.
(2)Such a declaration must be sent within 30 days of the issue of the notification.
(3)If the person sends that declaration to the officer and the officer sees no reason to take further action—
(a)section 684 does not so apply, and
(b)accordingly no counteraction notice may be served on the person under section 698 about the transaction or transactions.