Regulation 10 Use of information
Subject to paragraph (3), information obtained by the Board under regulation 8 or 9 shall not be used for the purpose of ascertaining the tax liability (if any) of any person other than the persons specified in paragraph (2) and shall otherwise be used only for the purposes of these Regulations.
The persons specified in this paragraph are—
the trustees of the authorised unit trust in question;
a unit holder beneficially entitled to an interest distribution made without deduction of tax to whom the information obtained relates;
where an interest distribution is made to or received under a trust without deduction of tax and sub-paragraph (d) does not apply, the trustees of that trust and any beneficiary of the trust to whom the information obtained relates; and
where the whole of an interest distribution made to or received under a trust without deduction of tax is, or falls to be treated as, or under any provision of the Tax Acts is deemed to be, the income of a person other than the trustees of that trust, that person in so far as the information obtained relates to him.
Paragraph (1) shall not be construed as preventing any disclosure of information within section 182(5) of the Finance Act 1989f1.
In paragraph (2)(c), “any beneficiary of the trust” means—
any person who is, or will or may become, entitled to any income of the trust, whether in the form of income or not, and
any person to whom any such income may be paid, or for whose benefit any such income may be applied, whether in the form of income or not, in the exercise of a discretion by the trustees of the trust.
Annotations
Footnotes
- f1