Finance Act 2021

20 (1) After section 239 insert— U.K.

“239A Conduct notices: transferees

(1) This section applies if an authorised officer becomes aware at any time that a person to whom a conduct notice has been given ( “ P ”) has made a relevant transfer within the meaning of paragraph 5 of Schedule 33A (promotion structures) to another person ( “D”).

(2) The authorised officer may give D a conduct notice.

(3) If the proposed terms of the conduct notice to be given to D are the same as the terms of the conduct notice given to P, section 238(2) (content of conduct notice: opportunity to comment) does not apply in relation to the proposed terms.

(4) If the proposed terms of the conduct notice to be given to D differ from the terms of the conduct notice given to P, section 238(2) applies in relation to the proposed terms as if the reference in that provision to “the proposed terms of the notice” were a reference to the differences between the proposed terms of the conduct notice to be given to D and the terms of the conduct notice given to P.

(5) Where a person is given a conduct notice under this section, but considers that they were not a person to whom a relevant transfer was made (such that this section applies), they may make representations to that effect to the authorised officer.

(6) If (in light of those representations) the authorised officer considers that this section did not apply at the time the conduct notice was given, the officer must withdraw the notice.”

(2) The amendment made by this paragraph has effect in relation to relevant transfers made on or after the day on which this Act is passed.