[F1Duty to provide loan charge information to HMRCU.K.
Textual Amendments
F1Sch. 12 paras. 21-30 and cross-headings inserted (15.3.2018) by Finance Act 2018 (c. 3), Sch. 2 para. 1
21(1)Paragraph 22 applies if one of the following conditions is met.U.K.
(2)The first condition is that—
(a)a loan or quasi-loan in relation to which paragraph 1(2) applies is treated as a “relevant benefit” for the purposes of sections 23A to 23H of ITTOIA 2005, and
(b)section 23E of ITTOIA 2005 applies in relation to the relevant benefit (see section 23A of that Act).
(3)The second condition is that—
(a)an application is made under paragraph 20(1) by reference to a loan or quasi-loan in relation to which paragraph 1(2) applies,
(b)a favourable decision is made on the application before 6 April 2019, and
(c)the first condition is not met in relation to the loan or quasi-loan.
(4)Paragraph 22 does not apply in a case if—
(a)a person agrees, with an officer of Revenue and Customs, terms for the discharge of liability for income tax arising because of the application of section 23E of ITTOIA 2005,
(b)the terms cover all liability (if any) arising because of the application of that section by reference to a loan or quasi-loan in relation to which paragraph 1(2) applies, and
(c)the terms are agreed before 1 October 2019.
22(1)T, or T’s personal representatives, must provide the loan charge information (see paragraph 23(1)) to the Commissioners for Her Majesty’s Revenue and Customs.U.K.
(2)The loan charge information must be provided—
(a)after 5 April 2019, and
(b)before [F21 October 2020].
(3)The loan charge information must be provided in such form and manner as may be specified by, or on behalf of, the Commissioners for Her Majesty’s Revenue and Customs.
(4)In this paragraph and in paragraph 23, “T” is the person mentioned in section 23A(2) of ITTOIA 2005.]
Textual Amendments
F2Words in Sch. 12 para. 22(2)(b) substituted (22.7.2020) by Finance Act 2020 (c. 14), s. 19(4)