This section applies if the Commissioners for Her Majesty's Revenue and Customs notify a person under section 701 that they are satisfied that a transaction or transactions, as described in the particulars provided under that section, were or will be such that no counteraction notice ought to be served about the transaction or transactions.

No such notice may be served on the person in respect of the transaction or transactions.

But the notification does not prevent such a notice being served on the person in respect of transactions including not only the ones to which the notification relates but also others.

The notification is void if the particulars and any further information given under section 701 about the transaction or transactions do not fully and accurately disclose all facts and considerations which are material for the purposes of that section.