Section 236J — Finance Act 2014: Disclosure to clients and intermediaries

Disclosure to clients and intermediaries 236J 1 A person (“P”) subject to a stop notice who (at any time) has promoted arrangements falling within the description specified in that notice, or has promoted a proposal for such arrangements, must give a notice to—

a each of P's clients in relation to those arrangements or that proposal, and b each person who P could reasonably be expected to know is an intermediary in relation to any such proposal.

2 The notice must—

a set out the fact that a person is subject to a stop notice, b set out the fact that the arrangements or proposed arrangements the recipient of the notice is a client or intermediary in relation to meets the description of arrangements specified in the notice, and c be accompanied with a copy of the stop notice.

3 A person (“C”) is a client of P if—

a P has made a firm approach to C in relation to a proposal for arrangements that fall within the description specified in the stop notice, b P has made the proposal available for implementation by C, or c P has provided services to C in relation to arrangements falling within the description specified in the stop notice, or in relation to a proposal for such arrangements.

4 A notice under this section must be given—

a to each person who was a client of P on or before the day on which P became aware that P was subject to the notice, within 5 days of that day;

b to each person that P could reasonably be expected to know was an intermediary in relation to the proposal in question on or before the day on which P became aware that P was subject to the notice, within 5 days of that day;

c to each person that P subsequently becomes aware is an intermediary in relation to the proposal in question, within 5 days of P becoming so aware.