{
  "url": "https://openlegislation.uk/movements-of-capital-required-information-regulations-1990/regulation-3",
  "json_url": "https://openlegislation.uk/movements-of-capital-required-information-regulations-1990/regulation-3.json",
  "legislation": "uksi/1990/1671",
  "legislation_title": "The Movements of Capital (Required Information) Regulations 1990",
  "legislation_url": "https://openlegislation.uk/movements-of-capital-required-information-regulations-1990",
  "path": "regulation/3",
  "kind": "regulation",
  "number": "3",
  "heading": "Information required for the purposes of the principal section",
  "text": "(1) This regulation specifies the information relating to a relevant transaction and the persons connected with it (in this regulation referred to as “the required information”) which, subject to paragraph (5) below, is required to be given to the Board by the resident body corporate within six months of the carrying out of a relevant transaction.\n(2) The required information so far as it relates to the resident body corporate is—\n(a) its name;\n(b) the nature of its trade or business;\n(c) the tax office to which its accounts are submitted and its reference number there.\n(3) The required information so far as it relates to the non-resident body corporate is—\n(a) its name;\n(b) the territory from the laws of which it derives its status as a body corporate;\n(c) where the relevant transaction was causing or permitting the non-resident body corporate to issue shares, or to create and issue debentures, the member State in which the non-resident body corporate is claimed to have been resident for the purposes of the Directive at the time of that issue, or of that creation and issue, as the case may be, the grounds on which that claim is made and the facts which support it;\n(d) the nature of its trade or business;\n(e) the extent to which the resident body corporate has control over it and the means by which, or the powers by virtue of which, that control is exercisable—\n(i) before the relevant transaction was carried out, and\n(ii) after the relevant transaction was carried out.\n(4) The required information so far as it relates to the relevant transaction is a full description of the transaction and of all steps taken in the course of the transaction and, without prejudice to the generality of that requirement, includes in particular—\n(a) the date on which the transaction was carried out;\n(b) the name of any person to whom shares or debentures were issued or transferred;\n(c) where that person is a body corporate, the territory from the laws of which it derives that status;\n(d) the member State in which that person is claimed to have been resident for the purposes of the Directive at the time of the issue or transfer, the grounds on which that claim is made and the facts which support it;\n(e) whether, and if so in what way, any such person is connected with the resident body corporate;\n(f) where the relevant transaction was causing or permitting the non-resident body corporate to issue shares—\n(i) the class or category of those shares,\n(ii) the dividend rights attaching to them, and\n(iii) if the terms on which they were issued included provision for their redemption, the circumstances in which they can be redeemed;\n(g) where the relevant transaction was causing or permitting the non-resident body corporate to create and issue debentures—\n(i) the rate at which interest is payable on the amount secured by them,\n(ii) any amount by which the issue price was less than the amount payable on their redemption, and\n(iii) whether any amount payable in respect of the debentures is determined by reference to the movement of an index of prices, earnings or any other indicator of an economic nature published in the United Kingdom or elsewhere;\n(h) where the relevant transaction was transferring shares or debentures, or causing or permitting shares or debentures to be transferred—\n(i) the name of any body corporate making the transfer if that body corporate was not the resident body corporate,\n(ii) the territory from the laws of which that body corporate derives that status,\n(iii) the member State in which it is claimed to have been resident for the purposes of the Directive at the time of the transfer, the grounds on which that claim is made and the facts which support it;\n(i) the consideration given for any issue or transfer of shares or debentures and, if that issue or transfer was not for full consideration in money or money’s worth, the reason why full consideration was not given;\n(j) the reason for the transaction and an estimate of the effect of that transaction on the liability to tax in the United Kingdom of the resident body corporate and of any company which would be deemed to be a member of the group of companies which includes the resident body corporate for the purposes of Chapter IV of Part X of the Income and Corporation Taxes Act 1988, if in section 413(3) of that Act the words “51 per cent. subsidiary” were substituted for the words “75 per cent. subsidiary”.\n(5) Where a resident body corporate has caused or permitted shares or debentures to be created, issued or transferred, or has transferred shares or debentures, and another resident body corporate has already given the required information relating to the creation, issue or transfer in question and the persons connected with it, the first mentioned resident body corporate is not required to give any information relating to those matters or those persons.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1990/1671/regulation/3",
    "retrieved_at": "2026-10-29T15:08:43.893256+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}