Finance (No. 2) Act 2015

8 (1) This paragraph applies where a deposit-taker receives a hold notice. E+W+N.I.

(2) If the deposit-taker determines that there are one or more affected accounts (see paragraph 6(7)) as a result of the hold notice, the deposit-taker must give HMRC a notice which sets out—

(a) prescribed information about each of the affected accounts held by P,

(b) the amount of the held amount in relation to each such account,

(c) if any of the affected accounts is a joint account held by P and one or more other persons, prescribed information about the other person or persons, and

(d) any other prescribed information.

(3) The notice under sub-paragraph (2) must be given within the period of 5 working days beginning with the day on which the deposit-taker complies with paragraph 6(1).

(4) If the deposit-taker determines that there are no affected accounts as a result of the hold notice, it must give HMRC a notice which—

(a) states that this is the case, and

(b) sets out any other prescribed information.

(5) The notice under sub-paragraph (4) must be given within the period of 5 working days beginning with the day on which the deposit-taker makes that determination.

(6) If HMRC receives a notice under sub-paragraph (2) it must as soon as reasonably practicable—

(a) give P—

(i) a copy of the hold notice, and

(ii) a notice under sub-paragraph (7), and

(b) in relation to each affected account, give a notice to each person within sub-paragraph (9) explaining that a hold notice has been given in respect of the account, the effect of the hold notice so far as it relates to the account and the effect of paragraphs 10 to 12.

(7) A notice under this sub-paragraph must comply with the following requirements—

(a) the notice must specify the particular relevant sums (see paragraph 2) to which the hold notice relates;

(b) the details given for that purpose must include a statement, to the best of HMRC's knowledge, of the amount of each of those sums (that is, the unpaid amount) at the date of the notice;

(c) the notice must state the total of the amounts stated under paragraph (b) (if more than one), and

(d) the notice must state that the notified sum for the purposes of the hold notice (see paragraph 4(4)) is equal to—

(i) the total amount specified under paragraph (c) or,

(ii) if paragraph (c) is not applicable, the amount specified under paragraph (b) as the amount of the relevant sum to which the hold notice relates.

(8) In this Part of this Schedule “the notified sum”, in relation to a hold notice, means the amount identified as such (or that is to be identified as such) in the notice under sub-paragraph (7).

(9) The persons mentioned in sub-paragraph (6)(b) are—

(a) in the case of a joint account, any holder of the account other than P, and

(b) any person (not falling within paragraph (a)) who is an interested third party in relation to the affected account,

in respect of whom prescribed information has been provided under sub-paragraph (2)(c) or sufficient information has otherwise been given in the notice under sub-paragraph (2) to enable HMRC to give a notice.

(10) After the deposit-taker has complied with paragraph 6(1), the deposit-taker may, in relation to any affected account, give a notice to—

(a) P,

(b) if the account is a joint account, any other holder of the account, and

(c) any person (not falling within paragraph (b)) who is an interested third party in relation to the account,

which states that a hold notice has been received by the deposit-taker in respect of the account and the effect of that notice so far as it relates to that account.

(11) In this Part of this Schedule “interested third party”, in relation to a relevant account, means a person other than P who has a beneficial interest in—

(a) an amount standing to the credit of the account, or

(b) an amount which has been transferred from that account to a suspense account.

(12) But, in relation to a hold notice, an interest which comes into existence after any arrangements under paragraph 6(3) have been put into place is treated as not being a beneficial interest for the purposes of sub-paragraph (11).