PART 2Provisions corresponding to Part 7 of the Finance Act 2004

Duty of client to notify parties of number14

1

This regulation applies where a person (the “client”) to whom a person who is a promoter in relation to notifiable contribution arrangements or a notifiable contribution proposal is providing (or has provided) services in connection with the notifiable contribution arrangements or notifiable contribution proposal receives prescribed information relating to the reference number allocated to—

a

the notifiable contribution arrangements,

b

the notifiable contribution proposal, or

c

proposed notifiable arrangements, or notifiable arrangements, which are substantially the same as the notifiable contribution proposal or notifiable contribution arrangements.

2

The client must, within the prescribed period, provide the prescribed information relating to the reference number to any other person—

a

who the client might reasonably be expected to know is or is likely to be a party to the arrangements or proposed arrangements, and

b

who might reasonably be expected to gain an advantage by reason of the arrangements or proposed arrangements.

3

HMRC may give notice that, in relation to notifiable contribution arrangements or a notifiable contribution proposal specified in the notice, persons are not under the duty under paragraph (2) after the date specified in the notice.

4

The duty under paragraph (2) does not apply in the prescribed circumstances.