Finance Act 2004

308Duties of promoterU.K.

(1)The promoter must, within the prescribed period after the relevant date, provide the Board with prescribed information relating to any notifiable proposal.

(2)In subsection (1) “the relevant date” means the earlier of the following—

(a)the date on which the promoter makes a notifiable proposal available for implementation by any other person, or

(b)the date on which the promoter first becomes aware of any transaction forming part of notifiable arrangements implementing the notifiable proposal.

(3)The promoter must, within the prescribed period after the date on which he first becomes aware of any transaction forming part of any notifiable arrangements, provide the Board with prescribed information relating to those arrangements, unless those arrangements implement a proposal in respect of which notice has been given under subsection (1).

(4)Where two or more persons are promoters in relation to the same notifiable proposal or notifiable arrangements, compliance by any of them with subsection (1) or (3) discharges the duty under either of those subsections of the other or others.

(5)Where a person is a promoter in relation to two or more notifiable proposals or sets of notifiable arrangements which are substantially the same (whether they relate to the same parties or different parties), he need not provide information under subsection (1) or (3) if he has already provided information under either of those subsections in relation to any of the other proposals or arrangements.