Finance Act, 1992

PART VII

Anti-avoidance and Anti-evasion

Returns of certain information.

226.—(1) In this section—

“appropriate inspector” means, in relation to a person to whom this section applies—

(a) the inspector who has last given notice in writing to that person that he is the inspector to whom the person is required to deliver the return specified in subsection (3),

(b) where there is no such inspector as is referred to in paragraph (a), the inspector to whom it is customary for the person to deliver a return or statement of income or profits, or

(c) where there is no such inspector as is referred to in paragraphs (a) and (b), the inspector of returns specified in section 9 of the Finance Act, 1988 ;

“chargeable period” has the same meaning as it has in paragraph 1 of the First Schedule to the Corporation Tax Act, 1976 ;

“relevant chargeable period” means—

(a) where the chargeable period is a year of assessment, the year 1992-93 and any subsequent year of assessment, or

(b) where the chargeable period is an accounting period of a company, an accounting period ending on or after the 6th day of April, 1993;

“relevant person” has the meaning assigned to it by subsection (2);

“specified provisions” means—

(a) sections 94 (d) (as amended by section 227 ), 173 (as so amended), 175 and 176 (as so amended) of the Income Tax Act, 1967 ,

(b) section 21 of the Finance Act, 1983 , and

(c) section 19 of the Finance Act, 1989 ;

“specified return date for the chargeable period”, in relation to a relevant chargeable period, means—

(a) where the chargeable period is a year of assessment, the 31st day of January in the year of assessment following that year, and

(b) where the chargeable period is an accounting period of a company, the last day of the period of 9 months commencing on the day immediately following the end of the accounting period.

(2) (a) Subject to the other provisions of this subsection, in this section “relevant person” means any person who—

(i) has information of a kind,

(ii) makes a payment of a kind,

(iii) pays or credits interest of a kind, or

(iv) is in receipt of money or value or of profits or gains of a kind,

referred to in a specified provision.

(b) Subject to the provisions of paragraph (e), any person who would be excluded from making a return under a specified provision for a relevant chargeable period shall not be a relevant person.

(c) A person with information of the kind referred to in section 21 of the Finance Act, 1983 , shall, subject to the provisions of paragraph (e), be a relevant person only where he is not the beneficial owner of the securities referred to in the said section 21.

(d) A person with information of the kind referred to in section 19 of the Finance Act, 1989 , shall, subject to the provisions of paragraph (e), be a relevant person only where he is an intermediary for the purposes of the said section 19.

(e) A person who is not a relevant person by virtue of any of the provisions of paragraphs (b) to (d) is not excluded from being a relevant person by virtue of any other provision of this subsection.

(3) Every relevant person shall, as respects a relevant chargeable period, prepare and deliver to the appropriate inspector, on or before the specified return date for the chargeable period, a return of all such matters and particulars as would be required to be contained in a return delivered pursuant to a notice given to the relevant person by the appropriate inspector, under any of the specified provisions, for the relevant chargeable period.

(4) An inspector may exclude any person from the provisions of this section by giving him a notice in writing that he is excluded from those provisions and the notice shall have effect for such chargeable period or periods or until such chargeable period or the happening of such event as shall be specified in the notice.

(5) Where it appears appropriate to an inspector, he may notify any relevant person that a return to be made under the provisions of this section may be confined to a particular type or category of information, payment or receipt and, where the relevant person has been so notified, a return made on that basis shall satisfy the provisions of this section.

(6) This section shall not affect the giving of a notice under any of the specified provisions and shall not remove from any person any obligation or requirement imposed on a person by such a notice and the giving of a notice under any of the specified provisions to a person shall not remove from that person any obligation to prepare and deliver a return under the provisions of this section.

(7) Sections 500 and 503 of the Income Tax Act, 1967 , shall apply to a failure by a relevant person to deliver a return required by subsection (3), and to each and every such failure, as they apply to a failure to deliver a return referred to in the said section 500 and Schedule 15 to that Act is hereby amended by the insertion in Column 2 of “Finance Act, 1992, section 226 (3).”.