Finance Act 2021

First-time application: licensing authority required to give information about tax compliance

2 (1) Sub-paragraph (2) applies where—

(a) an individual or company applies to a licensing authority for an authorisation, and

(b) the application is a first-time application.

(2) The licensing authority may not consider the application until it has—

(a) drawn the applicant’s attention to such guidance relating to tax compliance as is for the time being specified for the purposes of this paragraph by the HMRC Commissioners,

(b) obtained confirmation from the applicant that the applicant is aware of the contents of that guidance, and

(c) drawn the applicant’s attention to the powers of officers of HMRC to obtain information from the licensing authority about the applicant arising under—

(i) Schedule 36 to FA 2008 (information and inspection powers), and

(ii) Schedule 23 to FA 2011 (data-gathering powers).

(3) For the purposes of this Schedule an application for an authorisation is a “first-time” application if the applicant—

(a) has not previously been granted a relevant authorisation, or

(b) has previously been granted a relevant authorisation, but no relevant authorisation has been in effect in relation to the person for a period of one year ending with the date on which the application is made.

(4) For the purposes of sub-paragraph (3) an authorisation is “relevant” if—

(a) it is the authorisation to which the application in question relates, or

(b) it is in the same category as that authorisation.