Finance Act 2014

259 Monitored promoters: duty to provide information about clients

(1) An authorised officer, or an officer of Revenue and Customs with the approval of an authorised officer, may give notice to a person in relation to whom a monitoring notice has effect (“the monitored promoter”).

(2) A person to whom a notice is given under subsection (1) must, for each relevant period, give the officer who gave the notice the information set out in subsection (9) in respect of each person who was its client with reference to that relevant period (see subsections (5) to (8)).

(3) Each of the following is a “relevant period”—

(a) the calendar quarter in which the notice under subsection (1) was given but not including any time before the monitoring notice takes effect,

(b) the period (if any) beginning with the date the monitoring notice takes effect and ending immediately before the beginning of the period described in paragraph (a), and

(c) each calendar quarter after the period described in paragraph (a) but not including any time after the monitoring notice ceases to have effect.

(4) Information required as a result of a notice under subsection (1) must be given—

(a) within the period of 30 days beginning with the end of the relevant period concerned, or

(b) in the case of a relevant period within subsection (3)(b), within the period of 30 days beginning with the day on which the notice under subsection (1) was given if that period would expire at a later time than the period given by paragraph (a).

(5) A person (“C”) is a client of the monitored promoter with reference to a relevant period if—

(a) the promoter did any of the things mentioned in subsection (6) in relation to C at any time during that period, or

(b) the person falls within subsection (7).

(6) Those things are that the monitored promoter—

(a) made a firm approach to C in relation to a relevant proposal with a view to the promoter making the proposal available for implementation by C or another person;

(b) made a relevant proposal available for implementation by C;

(c) took part in the organisation or management of relevant arrangements entered into by C.

(7) A person falls within this subsection if the person has entered into transactions forming part of relevant arrangements and those arrangements—

(a) enable the person to obtain a tax advantage either in that relevant period or a later relevant period, and

(b) are either relevant arrangements in relation to which the monitored promoter is or was a promoter, or implement a relevant proposal in relation to which the monitored promoter was a promoter.

(8) But a person is not a client of the monitored promoter with reference to a relevant period if—

(a) the person has previously been a client of the monitored promoter with reference to a different relevant period,

(b) the promoter complied with the duty in subsection (2) in respect of the person for that relevant period, and

(c) the information provided as a result of complying with that duty remains accurate.

(9) The information mentioned in subsection (2) is—

(a) the person’s name and address, and

(b) such other information about the person as may be prescribed.

(10) Where the monitoring notice mentioned in subsection (1) is a replacement monitoring notice, subsection (5)(b) does not impose a duty on the monitored promoter concerned to provide information about a person who has entered into transactions forming part of relevant arrangements (as described in subsection (7)) if the monitored promoter reasonably believes that information about that person has, in relation to those arrangements, already been provided under the original monitoring notice.