Taxes Consolidation Act 1997 section 183

Information

Section 183 imposes information and reporting obligations on persons connected with a company, and on recipients of payments, in relation to share buyback arrangements that are treated as exempt from distribution treatment.

• A person connected with the company who knows of a scheme to temporarily reduce a vendor's shareholding must notify the inspector within 60 days of becoming aware of both the payment and the scheme.
• The inspector may require the company or any connected person to provide a written declaration and supporting information about any such scheme, allowing at least 60 days to respond.
• The inspector may require the recipient of a buyback payment to disclose whether the payment was received on behalf of another person, and if so, to provide that person's name and address.
• Any person on whose behalf a buyback payment is received may also be required by the inspector to disclose whether they in turn hold on behalf of another person, enabling the inspector to trace the ultimate beneficial owner.