Finance Act 2014

260 Intermediaries: 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 (“the intermediary”) who is an intermediary in relation to a relevant proposal which is a monitored proposal of 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 (7) in respect of each person who was its client with reference to that relevant period (see subsections (5) to (6)).

(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 intermediary was first notified under section 250, 251 or 252 of the promoter reference number of the monitored promoter,

(b) the period (if any) beginning with the date of the notification under section 250, 251 or 252 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 mentioned in subsection (1) 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 intermediary with reference to a relevant period if during that period—

(a) the intermediary communicated information to C about a monitored proposal in the course of a business, and

(b) the communication was made with a view to C, or any other person, entering into transactions forming part of the proposed arrangements.

(6) But a person is not a client of the intermediary with reference to a relevant period if—

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

(b) the intermediary 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.

(7) 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.