Taxes Consolidation Act 1997 section 435

Information

Section 435 empowers an inspector by written notice to require close companies, shareholders, and holders of bearer securities to furnish information needed to administer the close company provisions.

• An inspector may require a company that is, or appears to be, a close company to furnish such particulars as the inspector considers necessary for the purposes of the close company rules, with a minimum of 30 days to respond.
• A person in whose name shares are registered must, when required by written notice, state whether they are the beneficial owner and, if not, provide the name and address of the true beneficial owner.
• The same obligation to disclose beneficial ownership applies to loan capital as it does to shares.
• An inspector may require a close company to provide details of bearer securities issued (including shares, bonds, debentures, promissory notes, and other debt instruments) and the names, addresses, and amounts issued to each recipient; any subsequent seller or transferee of such securities must also furnish information identifying the persons beneficially interested in them.