PART 1

Direct taxes

Co-ownership authorised contractual schemes

Co-ownership authorised contractual schemes: information requirements
41
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.