Regulation 5 Statutory clearances

(1)

If—

(a)

a promoter must provide information under subsection (1) of section 308;

(b)

the relevant date by reference to which he must provide that information is that referred to in subsection (2)(a) of that section; and

(c)

he reasonably expects to make an application on behalf of a client under any of the provisions listed in paragraph (3) (“a clearance application”);

the prescribed period is that beginning with the day after the relevant date and ending with the applicable date.

(2)

The applicable date is—

(a)

the date on which the first transaction occurs in pursuance of the arrangements, or

(b)

if the promoter ceases to hold the reasonable expectation referred to in paragraph (1)(c) 5 days after he ceases to hold it.

(3)

The provisions are—

(a)

sections 215, 225, 444A and 707 of the Income and Corporation Taxes Act 1988^f1; and

(b)

sections 138, 139, 140B and 140D of the Taxation of Chargeable Gains Act 1992^f2.

Annotations

f1: Section 215 was amended by paragraph 3(5) of Schedule 18 to the Finance Act 2003 (c. 14). Section 444A was inserted by paragraph 7 of Schedule 9 to the Finance Act 1990, and relevantly amended by paragraph 14(25) of Schedule 10 to the Taxation of Chargeable Gains Act 1992 (c. 12).
f2: Section 138 was amended by paragraph 5(6) of Schedule 9 to the Finance Act 2002. Section 139 was amended by section 251(5) of, and Part 8(1) of Schedule 26 to, the Finance Act 1994 (c. 9), section 134(1) of the Finance Act 1998 (c. 36), paragraph 5 of Schedule 29 to the Finance Act 2000 (c. 17), paragraph 5(7) of Schedule 9, and Part 3(2) of Schedule 40, to the Finance Act 2002 and paragraph 2(3) of Schedule 27 to the Finance Act 2003. Sections 140B and 140D were inserted by sections 44 and 45 respectively of the Finance (No. 2) Act 1992 (c. 48).