The Income Tax (Interest Payments) (Information Powers) (Amendment) Regulations 2001

Amendments to the Income Tax (Interest Payments) (Information Powers) Regulations 1992

10.  After regulation 7 add the following regulations—

“Information to be provided to the Board—section 17 notice

8.   The Board may by notice require a person to furnish them within such time, not being less than 14 days, as may be provided by the notice, such information (including copies of any relevant books, documents or other records) as they may reasonably require for the purposes of determining whether information contained in a section 17 return by that person by virtue of a notice under section 17(1) was correct and complete.

Information to be provided to the Board—section 18 notice

9.   The Board may by notice require a person to furnish them within such time, not being less than 14 days, as may be provided by the notice, such information (including copies of any relevant books, documents or other records) as they may reasonably require for the purposes of determining whether information furnished to the inspector by virtue of a notice under section 18(1) was correct and complete.

Inspection of records

10.   A person required to make and deliver a section 17 return or to furnish information by virtue of a notice under section 18(1) shall, whenever required to do so within the period specified in regulation 11(2), make available for inspection by an officer of the Board authorised for that purpose, at such time as that officer may reasonably require, all such copies of books, documents or other records in his possession or under his control as may be required by the Board under regulation 8 or, as the case may be, regulation 9.

Retention of records

11.— (1) A person required to make and deliver a section 17 return or to furnish information by virtue of a notice under section 18(1) shall retain, for the period specified in paragraph (2), all such books, documents and other records copies of which he may be required to make available for inspection under regulation 10.

(2) The period specified is the period of two years beginning immediately after the end of the year to which the notice under section 17(1) or 18(1) relates.

(3) Paragraphs (1) and (2) are without prejudice to the following provisions—

(a) regulations 11(7) and 15(2) of the Building Societies Regulations;

(b) regulation 12(2) of the Deposit-takers Regulations(1);

(c) regulation 8 of the Income Tax (Deposit-takers) (Non-residents) Regulations 1992(2);

(d) regulation 8 of the Income Tax (Authorised Unit Trusts) (Interest Distributions) Regulations 1994(3).

Use of information

12.— (1) Subject to paragraph (2), information obtained by the Board under regulations 8 to 10—

(a) shall not be used for the purpose of ascertaining the tax liability (if any) of any person other than—

(i) a person beneficially entitled to a payment to whom the information obtained relates, and

(ii) the person by whom the payment was made or received; and

(b) shall otherwise be used only for the purposes of—

(i) section 17 or 18 of the Management Act and these Regulations,

(ii) the provisions of Chapter IV of Part XII of the Taxes Act relating to the deduction of tax from payments by building societies and deposit-takers,

(iii) the Building Societies Regulations,

(iv) the Deposit-takers Regulations, and

(v) the Income Tax (Authorised Unit Trusts) (Interest Distributions) Regulations 1994.

(2) Paragraph (1) shall not be construed as preventing any disclosure of information within section 182(5) of the Finance Act 1989(4).”.

(1)

S.I. 1990/2232, amended by S.I. 1992/13, 1994/295 and 2001/406.

(2)

S.I. 1992/14.

(3)

S.I. 1994/2318.

(4)

1989 c. 26. Section 182(5) was amended by paragraph 9(5) of Schedule 6 to the Social Security Contributions (Transfer of Functions, etc.) Act 1999 (c. 2).