CISR17540 | The Scheme: secondary legislation: regulation 53

This regulation should be applied to close companies and private companies limited byshares who are, or are applying to be, registered for gross payment status.

Where there is an issue or transfer of shares that effectively changes control of thecompany, within 30 days of the date of the change the company must notify HMRC of the nameand address of the person to whom the issue or transfer was made: SI2005/2045 reg 53(2).

For the purposes of this regulation, ‘control’ has the same meaning as ICTA88/S840:SI2005/2045 reg 53(3).

ENABLING PROVISION – FA04/S65 (2)