4

A member of a recognised investment exchange or a market of the kind described in paragraphs (a) and (b) of article 2 of the Financial Services Act 1986 (EEA Regulated Markets) (Exemption) Order 1995 (“EEA regulated market”) may be required to make a return giving particulars of any transactions effected by him in the course of his business in the period specified in the notice requiring the return and giving particulars of—

a

the parties to the transactions,

b

the number or amount of the shares or securities dealt with in the respective transactions, and

c

the amount or value of the consideration.

5

A person (other than a member of a recognised investment exchange or an EEA regulated market) who acts as an agent or broker in the United Kingdom in transactions in shares or securities may be required to make a return giving particulars of any such transactions effected by him in the period specified in the notice, and giving particulars of—

a

the parties to the transactions,

b

the number or amount of the shares or securities dealt with in the respective transactions, and

c

the amount or value of the consideration.

93 — 1 This section applies where any person (the taxpayer) fails to give a notice which he is required to give under regulation 4 or 4A of the Stamp Duty Reserve Tax Regulations 1986. 2 The taxpayer shall be liable to a penalty which shall be £100. 3 If, on an application made to them by an officer of the Board, the Special Commissioners so direct, the taxpayer shall be liable to a further penalty or penalties not exceeding £60 for each day on which the failure continues after the day on which he is notified of the direction (but excluding any day for which a penalty under this subsection has already been imposed). 5 Without prejudice to any penalties under subsections (2) and (3) above, if the failure by the taxpayer to give the notice continues after the end of a period of one year beginning on the last day on which the notice should have been given, he shall be liable to a penalty of an amount not exceeding the amount of the tax which he should have paid by the date by which he should have given the notice. 6 No penalty shall be imposed under subsection (3) above in respect of a failure at any time after the failure has been remedied.

Failure to give notice for stamp duty reserve tax.

1

Where a person fraudulently or negligently—

a

gives any incorrect notice under regulation 4 or 4A of the Stamp Duty Reserve Tax Regulations 1986, or

b

makes any incorrect statement or declaration in, or in connection with, any claim in respect of stamp duty reserve tax,

he shall be liable to a penalty not exceeding the amount of the difference specified in subsection (2) below.