Finance (No. 2) Act 2015

Consideration of objections

11 (1) HMRC must consider any objections made under paragraph 10 within 30 working days of being given the notice of objection.

(2) Having considered the objections, HMRC must decide whether—

(a) to cancel the hold notice,

(b) to cancel the effect of the hold notice in relation to the held amount, or any part of the held amount, in respect of a particular account or accounts, or

(c) to dismiss the objection.

(3) HMRC must give a notice stating its decision to—

(a) P,

(b) each person other than P who objected, and

(c) any other person who HMRC considers is affected by the decision and is—

(i) a person who holds a relevant account of which P is also a holder and in respect of whom prescribed information is provided under paragraph 8(2)(c), or

(ii) an interested third party in relation to a relevant account in respect of whom sufficient information has been given in the notice under paragraph 8(2) to enable HMRC to give a notice.

(4) HMRC must, by a notice to the deposit-taker—

(a) if it makes a decision under sub-paragraph (2)(a), cancel the hold notice;

(b) if it makes a decision under sub-paragraph (2)(b), cancel the effect of the hold notice in relation to the accounts or amounts in question.

(5) HMRC must give each person to whom HMRC is required to give a notice under sub-paragraph (3) a copy of any notice given to the deposit-taker under sub-paragraph (4).

(6) Where the deposit-taker is given a notice under sub-paragraph (4), it must as soon as reasonably practicable and, in any event, within the period of 5 working days beginning with the day the notice is given—

(a) if the notice is given under sub-paragraph (4)(a), cancel the arrangements mentioned in paragraph 6(3), or

(b) if the notice is given under sub-paragraph (4)(b), make such adjustments to those arrangements as are necessary to give effect to the notice.

(7) In this paragraph references to the effect of a hold notice are to its effect by virtue of paragraph 6(4).