Part 15

Transactions in securities

Procedure for counteraction of corporation tax advantages

Opposed notifications: determinations by tribunal
745
1
This section applies if the officer of Revenue and Customs receiving a statutory declaration under section 744(1) sees reason to take further action about the transaction or transactions in question.
2
The officer must send the tribunal a certificate to that effect, together with the statutory declaration.
3
The officer may also send the tribunal a counter-statement with the certificate.
4
The tribunal must—
a
consider the declaration and certificate and any counter-statement, and
b
determine whether there is a prima facie case for the officer to take further action on the basis that section 733 (company liable to counteraction of corporation tax advantage) applies to the company by which the declaration was made in respect of the transaction or transactions in question.
5
If the tribunal determines that there is no such case—
a
section 733 does not so apply, and
b
accordingly no counteraction notice may be served on the company under section 746 about the transaction or transactions.
6
But such a determination does not affect the application of sections 733 and 746 in respect of transactions including not only the ones to which the determination relates but also others.