Finance Act 1988

Other returns and informationU.K.

123 Three year time limit.U.K.

(1)At the end of section 13 of the M1Taxes Management Act 1970 (returns by persons in receipt of taxable income belonging to others) there shall be added—

“(3)A notice under this section shall not require information as to any money, value, profits or gains received in a year of assessment ending more than three years before the date of the giving of the notice.”

(2)In section 17(1) of that Act (interest paid or credited by banks etc. without deduction of income tax) after the words “during a year” there shall be inserted the words “ of assessment ”.

(3)In section 18 of that Act (particulars of interest paid without deduction of income tax) after subsection (3) there shall be inserted—

“(3A)A notice under this section shall not require information with respect to interest paid in a year of assessment ending more than three years before the date of the giving of the notice.”

(4)At the end of section 19 of that Act (information for the purposes of Schedule A etc.) there shall be added—

“(4)A notice under this section shall not require information with respect to—

(a)the terms applying to the lease, occupation or use of the land, or

(b)consideration given, or

(c)payments arising,

in a year of assessment ending more than three years before the date of the giving of the notice.”

(5)This section has effect with respect to notices given after the passing of this Act.

124 Returns of fees, commissions etc.U.K.

(1)At the end of section 16 of the Taxes Management Act 1970 (fees, commissions etc.) there shall be added—

“(8)In subsection (2) above references to a body of persons include references to any department of the Crown, any public or local authority and any other public body.”

(2)This section has effect with respect to payments made in the year 1988-89 or any subsequent year of assessment.

125 Other payments and licences etc.U.K.

After section 18 of the Taxes Management Act 1970 there shall be inserted—

“18A Other payments and licences etc.

(1)Any person by whom any payment out of public funds is made by way of grant or subsidy shall, on being so required by a notice given to him by an inspector, furnish to the inspector, within the time limited by the notice—

(a)the name and address of the person to whom the payment has been made or on whose behalf the payment has been received, and

(b)the amount of the payment so made or received,

and any person who receives any such payment on behalf of another person shall on being so required furnish to the inspector the name and address of the person on whose behalf the payment has been received, and its amount.

(2)Any person by whom licences or approvals are issued or a register is maintained shall, on being so required by a notice given to him by an inspector, furnish to the inspector, within the time limited by the notice—

(a)the name and address of any person who is or has been the holder of a licence or approval issued by the first-mentioned person, or to whom an entry in that register relates or related; and

(b)particulars of the licence or entry.

(3)The persons to whom this section applies include any department of the Crown, any public or local authority and any other public body.

(4)A notice is not to be given under this section unless (in the inspector’s reasonable opinion) the information required is or may be relevant to any tax liability to which a person is or may be subject, or the amount of any such liability.

(5)A notice under this section shall not require information with respect to a payment which was made, or to a licence, approval or entry which ceased to subsist—

(a)before 6th April 1988; or

(b)in a year of assessment ending more than three years before the date of the giving of the notice.

(6)For the purposes of this section a payment is a payment out of public funds if it is provided directly or indirectly by the Crown, by any Government, public or local authority whether in the United Kingdom or elsewhere or by any Community institution.”