Modifications etc. (not altering text)
C1Pt. I: functions transferred (3.12.2001) by S.I. 2001/3503, arts. 2, 3
C2Pt. 1: transfer of functions in part (1.4.2018) by Wales Act 2017 (c. 4), ss. 29(2)(g), 71(4) (with Sch. 7 paras. 1, 6, 9); S.I. 2017/1179, reg. 3(g) (with transitional provisions and savings in S.I. 2018/278, reg. 2, Sch.)
(1)Where—
(a)a former relevant port authority; or
(b)a nominee of such an authority;
makes a disposal of securities on which levy is chargeable, the authority shall give to the appropriate Minister, not later than thirty days after the day on which the disposal is made, written notification that the disposal has been made.
(2)The appropriate Minister may by notice in writing require—
(a)a former relevant port authority;
(b)any nominee of such an authority who has made a disposal of securities on which levy is chargeable;
(c)a person to whom such a disposal has been made; or
(d)a company whose securities have been the subject of such a disposal;
to deliver to him documents, or to furnish to him particulars, to which subsection (3) below applies within such time, not less than thirty days after the date of the notice, as may be specified in the notice.
(3)This subsection applies to—
(a)documents specified or described in the notice under subsection (2) above which are in the possession or power of the person to whom the notice is given and which (in the opinion of the appropriate Minister) contain, or may contain, information relevant to a liability to levy or to the amount of such a liability; and
(b)particulars specified or described in the notice which the appropriate Minister may reasonably require as being relevant to, or to the amount of, such a liability.
(4)Where a former relevant port authority fail to give a notification in accordance with subsection (1) above, or such an authority or any other person fails to comply with a notice under subsection (2) above, the authority or that other person shall be liable—
(a)to a penalty not exceeding £300; and
(b)if the failure continues after a penalty is imposed under paragraph (a) above, to a further penalty or penalties not exceeding £60 for each day on which the failure continues after the day on which the penalty under paragraph (a) above was imposed (but excluding any day for which a penalty under this paragraph has already been imposed).
(5)Where a person fraudulently or negligently furnishes any incorrect particulars in response to a notice under subsection (2) above he shall be liable to a penalty not exceeding £3,000.
(6)Proceedings for a penalty under this section shall be instituted by the appropriate Minister before the High Court or, in Scotland, before the Court of Session as the Court of Exchequer in Scotland, and any penalty imposed by the court shall be paid to the appropriate Minister.
(7)Proceedings within subsection (6) above may not be instituted later than six years after the date on which the penalty was incurred or began to be incurred.
(8)Any proceedings within subsection (6) above instituted in England and Wales shall be deemed to be civil proceedings by the Crown within the meaning of Part II of the M1Crown Proceedings Act 1947.
Marginal Citations