(1)If a person (“N”) is notified of a promoter reference number under section 250, 251 or 252, N must report the number to the Commissioners if N expects to obtain a tax advantage from relevant arrangements in relation to which the monitored promoter to whom the reference number relates (whether that is N or another person) is the promoter.
(2)A report under this section—
(a)must be made in (or, if prescribed circumstances exist, submitted with) each tax return made by N for a period that is or includes a period for which the arrangements enable N to obtain a tax advantage (whether in relation to the tax to which the return relates or another tax);
(b)if no tax return falls within paragraph (a), or in the case mentioned in subsection (3), must contain such information, and be made in such form and manner and within such time, as is prescribed.
(3)The case is that the tax return in which the report would (apart from this subsection) have been made is not submitted—
(a)by the filing date, or
(b)if there is no filing date in relation to the tax return concerned, by such other time that the tax return is required to be submitted by or under any enactment.
(4)Where N expects to obtain the tax advantage referred to in subsection (1) in respect of inheritance tax, stamp duty land tax, stamp duty reserve tax or petroleum revenue tax—
(a)subsection (2) does not apply in relation to that tax advantage, and
(b)a report under this section in respect of that tax must be in such form and manner and contain such information and be made within such time as is prescribed.
(5)Where the relevant arrangements referred to in subsection (1) give rise to N making a claim under section 261B of TCGA 1992 (treating trade loss as CGT loss) or for loss relief under Part 4 of ITA 2007 and that claim is not contained in a tax return, a report under this section must also be made in that claim.
(6)In this section “tax return” means any of the following—
(a)a return under section 8 of TMA 1970 (income tax and capital gains tax: personal return);
(b)a return under section 8A of TMA 1970 (income tax and capital gains tax: trustee’s return);
(c)a return under section 12AA of TMA 1970 (income tax and corporation tax: partnership return);
(d)a company tax return under paragraph 3 of Schedule 18 to the FA 1998 (company tax return);
(e)a return under section 159 or 160 of FA 2013 (returns and further returns for annual tax on enveloped dwellings).