- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).
(1)The Treasury may by regulations impose requirements on the operator of a co-ownership authorised contractual scheme in relation to—
(a)the provision of information to participants in the scheme;
(b)the provision of information to Her Majesty’s Revenue and Customs.
(2)Regulations under subsection (1)(a) may be made only for the purpose of enabling participants in a co-ownership authorised contractual scheme to meet their tax obligations in the United Kingdom with respect to their interests in the scheme.
(3)Regulations under subsection (1)(b) may in particular require the provision of information about—
(a)who the participants in the scheme were in any accounting period of the scheme;
(b)the number and classes of units in the scheme in any such period;
(c)the amount of income per unit of any class in any such period;
(d)what information has been provided to participants.
(4)Regulations under this section may specify—
(a)the time when information is to be provided;
(b)the form and manner in which information is to be provided.
(5)Regulations under this section may make provision for the imposition of penalties in respect of contravention of, or non-compliance with, the regulations, including provision—
(a)for Her Majesty’s Revenue and Customs to exercise a discretion as to the amount of a penalty, and
(b)about appeals in relation to the imposition of a penalty.
(6)Regulations under this section may in particular be framed by reference to an accounting period of a co-ownership authorised contractual scheme beginning on or after 1 April 2017.
(7)Regulations under this section may contain consequential, supplementary and transitional provision.
(8)Regulations under this section must be made by statutory instrument.
(9)A statutory instrument containing regulations under this section is subject to annulment in pursuance of a resolution of the House of Commons.
(10)In this section—
“co-ownership authorised contractual scheme” means a co-ownership scheme which is authorised for the purposes of the Financial Services and Markets Act 2000 by an authorisation order in force under section 261D(1) of that Act;
“co-ownership scheme” has the same meaning as in Part 17 of that Act (see section 235A(2) of that Act);
“operator” and “units”, in relation to a co-ownership authorised contractual scheme, have the meanings given by section 237(2) of that Act;
“participant”, in relation to such a scheme, is to be read in accordance with section 235 of that Act.
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