Part 13Tax avoidance
C2C1Chapter 2Transfer of assets abroad
Pt. 13 Ch. 2 applied (with effect in accordance with art. 1(2)(3) Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 21
Supplementary
748Power to obtain information
1
An officer of Revenue and Customs may by notice require any person to provide the officer with such particulars as the officer may reasonably require for the purposes of this Chapter.
2
The officer may direct the time within which the particulars must be provided and that time must be at least 30 days.
3
The particulars which a person must provide under this section, if required to do so by a notice under subsection (1), include particulars about—
a
transactions with respect to which the person is or was acting on behalf of others,
b
transactions which in the opinion of the officer should properly be investigated for the purposes of this Chapter even though in the person's opinion no liability to income tax arises under this Chapter, and
c
whether the person has taken or is taking any part and, if so, what part in transactions of a description specified in the notice.
4
A F6relevant lawyer is not treated as having taken part in a transaction for the purposes of subsection (3)(c) merely because of giving professional advice to a client about it.
F14A
In this section “relevant lawyer” means a barrister, advocate, solicitor or other legal representative communications with whom may be the subject of a claim to professional privilege or, in Scotland, protected from disclosure in legal proceedings on grounds of confidentiality of communication.
5
This section is subject to—
section 749 (restrictions on particulars to be provided by F5relevant lawyers), and
section 750 (restrictions on particulars to be provided by banks).
749Restrictions on particulars to be provided by F7relevant lawyers
1
In relation to anything done by a F8relevant lawyer on behalf of a client who does not consent to the information otherwise required from the F8relevant lawyer under section 748 being provided, the F8relevant lawyer may not be compelled under that section to do more than—
a
state that the F8relevant lawyer is or was acting on behalf of a client, and
b
give the name and address of the client and any relevant person.
2
3
In the case of anything done by the F8relevant lawyer in connection with any associated operation in relation to any such transfer, the persons concerned in the associated operations are relevant persons.
4
In the case of anything done by the F8relevant lawyer in connection with the formation or management of a body corporate to which subsection (6) applies, the body corporate is a relevant person.
5
In the case of anything done by the F8relevant lawyer in connection with—
a
the creation of any settlement as a result of which income becomes payable to a person abroad, or
b
the execution of the trusts of any such settlement,
the settlor and that person are relevant persons.
6
This subsection applies to bodies corporate resident or incorporated outside the United Kingdom which—
a
are, or if UK resident would be, close companies, and
b
are not companies whose business consists wholly or mainly of the carrying on of a trade or trades.
F107
In this section—
“relevant lawyer” means a barrister, advocate, solicitor or other legal representative communications with whom may be the subject of a claim to professional privilege or, in Scotland, protected from disclosure in legal proceedings on grounds of confidentiality of communication;
“settlement” and “settlor” have the meanings given by section 620 of ITTOIA 2005.
8
In the application of this section to Scotland, any reference to the trusts of a settlement is a reference to the purposes of the settlement.
750Restrictions on particulars to be provided by banks
1
Section 748 does not oblige a bank to provide any particulars of any ordinary banking transactions between the bank and a customer carried out in the ordinary course of banking business, unless subsection (2) or (3) applies.
2
This subsection applies if the bank has acted or is acting on behalf of the customer in connection with—
a
the creation of any settlement as a result of which income becomes payable to a person abroad, or
b
the execution of the trusts of any such settlement.
3
This subsection applies if the bank has acted or is acting on behalf of the customer in connection with the formation or management of a body corporate to which section 749(6) applies.
4
In this section—
“bank” has the meaning given by section 991, and
“settlement” has the meaning given by section 620 of ITTOIA 2005.
5
In the application of this section to Scotland, any reference to the trusts of a settlement is a reference to the purposes of the settlement.
751F2The tribunal’s jurisdiction on appeals
F9On any appeal that is notified to the tribunal, the jurisdiction of the tribunal includes jurisdiction to affirm or replace any decision taken by an officer of Revenue and Customs in exercise of the officer's functions under—
a
section 737 (exemption: all relevant transactions post-4 December 2005 transactions),
b
section 738 (meaning of “commercial transaction”),
c
section 739 (exemption: all relevant transactions pre-5 December 2005 transactions),
d
section 742 (partial exemption where later associated operations fail conditions),
F4da
section 742A (post-5 April 2012 transactions: exemption for genuine transactions),
e
section 743(2) (no duplication of charges: choice of persons in relation to whom income is taken into account).
Pt. 13 Ch. 2 applied by 1988 c. 1, s. 762ZA (as inserted (21.7.2008 with effect in accordance with Sch. 7 para. 98 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 94)