Section 257SH — Finance Act 2014: Power to require information in other cases

Power to require information in other cases 257SH 1 Subsection (2) applies if SI relief is claimed in respect of the investment, and an officer of Revenue and Customs has reason to believe that it may not be due because of any such arrangements as are mentioned in section 257LB(1), 257LC, 257LE, 257LH, 257ME(3), 257MK(2) or (4), 257MM(5) or (6), 257MN(5), 257MU or 257MV(1), (5), (6) or (7).

2 The officer may by notice require any person concerned to supply the officer within such time as may be specified in the notice with—

a a declaration in writing stating whether or not, according to the information which that person has or can reasonably obtain, any such arrangements exist or have existed, and b such other information as the officer may reasonably require for the purposes of the provision in question and as that person has or can reasonably obtain.

3 The period specified in a notice under subsection (2) must be at least 60 days.

4 For the purposes of subsection (2), in the case of a provision listed in column 1 of the following table, the person concerned is given by the corresponding entry in column 2 of the table. Provision The person concerned Section 257LB(1) or 257LC The investor, the social enterprise and any person connected with the social enterprise Section 257LE or 257MK(2) or (4) The investor, the social enterprise and any person controlling the social enterprise Section 257LH The investor Section 257ME(3), 257MU(1) or 257MV(1) The social enterprise and any person controlling the social enterprise Section 257MM(5) or (6), 257MN(5), 257MU(2), (3) or (4) or 257MV(5), (6) or (7) The investor, the social enterprise, any other company in question, and any person controlling the social enterprise or any other company in question References in the table to the investor include references to any person to whom the investor appears to have made such a transfer as is mentioned in section 257T (spouses or civil partners) of the whole or part of the investment.

5 If SI relief has been obtained in respect of the investment—

a any person who receives from the social enterprise any payment or asset which may constitute value received (by the person or another) for the purposes of section 257Q, and b any person on whose behalf such a payment or asset is received, must, if so required by an officer of Revenue and Customs, state whether the payment or asset so received is received on behalf of any other person and, if so, the name and address of that other person.

6 If SI relief has been claimed in respect of the investment—

a any person who holds or has held investments in the social enterprise, and b any person on whose behalf any such investments are or were held, must, if so required by an officer of Revenue and Customs, state whether the investments so held are or were held on behalf of any other person and, if so, the name and address of that other person.