Section 77F — Taxes Management Act 1970: Issue, cancellation and effect of exemption certificates

Issue, cancellation and effect of exemption certificates 77F 1 This section applies if there is a person (“T”) who will or might become liable to tax which, if unpaid, could be recovered under this Part from a person (“H”) who is the holder of a licence.

2 If an officer of Revenue and Customs, on an application made by T, is satisfied that T will comply with any obligations imposed on T by the Taxes Acts, the officer may issue to H a certificate exempting H from section 77C with respect to any tax payable by T.

3 If a certificate is issued to H under subsection (2), an officer of Revenue and Customs may, by notice in writing to H, cancel the certificate from the date specified in the notice.

4 The date specified in a notice under subsection (3) may not be earlier than 30 days after the service of the notice.

5 If a certificate is issued to H under subsection (2), section 77C does not apply to any tax payable by T which becomes due while the certificate is in force.

6 If a certificate is issued to H under subsection (2) but is subsequently cancelled under subsection (3), section 77C also does not apply to any tax payable by T which—

a becomes due after the certificate is cancelled, but b is in respect of profits arising, or chargeable gains accruing, while the certificate is in force.