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Finance Act 2014

Details of the Section

2.Subsection 2 adds section 310A to Finance Act 2004 (section 310A) which provides that where a person has disclosed a proposal or arrangement that provides a main benefit or one of the main benefits a tax advantage, HMRC may require that person to provide documents or more information about the proposal or arrangement.

3.Subsection 2 also adds section 310B to Finance Act 2004 (section 310B) which provides that where a person has failed to provide information or documents required under section 310A HMRC may ask the tribunal for an order requiring the information or documents to be provided.

4.Subsection 3 amends section 316 (2) of Finance Act 2004 so that information required under section 310A has to be provided in the form and manner specified by HMRC.

5.Subsection 4 adds a definition of “working day” to section 318(1) of Finance Act 2004 for the purposes of determining when information or documents have to be provided under section 310A or section 310B.

6.Subsections 5-10 amend section 98C of Taxes Management Act 1970 to provide for penalties where a person has failed to provide information or documents required under section 310A.

7.Subsection 11 contains the commencement provisions.

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