Section 312A | Power to require information relating to disqualifying arrangements ^F1

(1)Subsection (2) applies if an officer of Revenue and Customs has reason to believe that the relevant company has issued the relevant holding to the investing company in consequence of or, or otherwise in connection with, disqualifying arrangements (within the meaning of section 299A(2)).

(2)The officer may by notice require any person concerned to supply the officer within such time as may be specified in the notice with—

(a)a declaration in writing stating whether or not, according to the information which that person has or can reasonably obtain, such arrangements exist or have existed, and

(b)such other information as the officer may reasonably require for the purposes of section 299A and as that person has or can reasonably obtain.

(3)The period specified in a notice under subsection (2) must be at least 60 days.

(4)A “person concerned” means—

(a)the relevant company,

(b)the investing company,

(c)any person connected with either of those companies, and

(d)any person whom the officer has reason to believe is or was a party to the arrangements in question.