Part 13

Tax avoidance
Chapter 1

Transactions in securities

Procedure for counteraction of income tax advantages

No-counteraction notices
698A
1
If on an enquiry under section 695 an officer of Revenue and Customs is of the opinion that no counteraction is required, the officer must serve notice on the person (a “no-counteraction notice”) stating that no counteraction is required and why.
2
The taxpayer may apply to the tribunal for a direction requiring an officer of Revenue and Customs to issue one of the following within a specified period—
a
a counteraction notice;
b
a no-counteraction notice.
3
Any such application is to be subject to the relevant provisions of Part 5 of
TMA
1970 (see, in particular, section 48(2)(b) of that Act).
4
The tribunal must give the direction applied for unless satisfied that there are reasonable grounds for not serving either a counteraction notice or a no-counteraction notice within a specified period.
S. 698A inserted (with effect in accordance with s. 34(8)(9) of the amending Act) by Finance Act 2016 (c. 24), s. 34(6)