Section 239 — Finance Act 2014: Section 238: supplementary

Section 238: supplementary 239 1 In section 238 the following expressions are to be interpreted as follows. 2 “ Adequate ” means adequate having regard to what it might be reasonable for a client or (as the case may be) an intermediary to expect; and “adequacy” is to be interpreted accordingly.

3 A person (“C”) is a “client” of a promoter, if at any time when a conduct notice has effect, the promoter—

a makes a firm approach to C in relation to a relevant proposal with a view to the promoter making the proposal available for implementation by C or another person;

b makes a relevant proposal available for implementation by C;

c takes part in the organisation or management of relevant arrangements entered into by C.

4 The recipient of a conduct notice “promotes” a relevant proposal if it—

a takes part in designing the proposal, b makes a firm approach to a person in relation to the proposal with a view to making the proposal available for implementation by that person or another person, or c makes the proposal available for implementation by persons (other than the recipient).

5 The recipient of a conduct notice “promotes” relevant arrangements if it takes part in designing, organising or managing the arrangements.