2(1)Section 308 (duties of promoter) is amended as follows.U.K.
(2)In subsection (1)—
(a)for “The promoter” substitute “ A person who is a promoter in relation to a notifiable proposal ”, and
(b)for “any” substitute “ the ”.
(3)In subsection (2)(a), for “a” substitute “ the ”.
(4)In subsection (3)—
(a)for “The promoter” substitute “ A person who is a promoter in relation to notifiable arrangements ”, and
(b)for “any notifiable” substitute “ the notifiable ”.
(5)For subsection (4) substitute—
“(4)Subsection (4A) applies where a person complies with subsection (1) in relation to a notifiable proposal for arrangements and another person is—
(a)also a promoter in relation to the notifiable proposal or is a promoter in relation to a notifiable proposal for arrangements which are substantially the same as the proposed arrangements (whether they relate to the same or different parties), or
(b)a promoter in relation to notifiable arrangements implementing the notifiable proposal or notifiable arrangements which are substantially the same as notifiable arrangements implementing the notifiable proposal (whether they relate to the same or different parties).
(4A)Any duty of the other person under subsection (1) or (3) in relation to the notifiable proposal or notifiable arrangements is discharged if—
(a)the person who complied with subsection (1) has notified the identity and address of the other person to HMRC or the other person holds the reference number allocated to the proposed notifiable arrangements under section 311, and
(b)the other person holds the information provided to HMRC in compliance with subsection (1).
(4B)Subsection (4C) applies where a person complies with subsection (3) in relation to notifiable arrangements and another person is—
(a)a promoter in relation to a notifiable proposal for arrangements which are substantially the same as the notifiable arrangements (whether they relate to the same or different parties), or
(b)also a promoter in relation to the notifiable arrangements or notifiable arrangements which are substantially the same (whether they relate to the same or different parties).
(4C)Any duty of the other person under subsection (1) or (3) in relation to the notifiable proposal or notifiable arrangements is discharged if—
(a)the person who complied with subsection (3) has notified the identity and address of the other person to HMRC or the other person holds the reference number allocated to the notifiable arrangements under section 311, and
(b)the other person holds the information provided to HMRC in compliance with subsection (3).”
Commencement Information
I1Sch. 38 para. 2 in force at 1.11.2008 for the purposes of the amendments made by that paragraph (but not for the purposes of Stamp Duty Land Tax) by S.I. 2008/1935, art. 2(1) (with art. 2(2))