435 Information

Summary

This section empowers an inspector by written notice to request information to enable him/her to implement the provisions relating to close companies and it requires companies and individuals to supply the information. The inspector may require the person in whose name shares are registered to state the name and address of the beneficial owner of the shares. The inspector may also require a company to supply him/her with the names and addresses of persons to whom bearer securities were issued and he/she may require those persons to furnish him/her with information to enable him/her to determine the names and addresses of the beneficial owners of the security.

Details

(1) An inspector may require a close company or one which seems to him/her to be a close company to supply such particulars as he/she deems necessary for the purposes of this Part.

(2) A registered shareholder must supply, when required by written notice, the name and address of the beneficial owner of the shares if the shareholder is not the beneficial owner.

(3) The section applies to loan capital as it applies to shares.

(4) An inspector may, by notice in writing, require a company, which he/she considers to be closely held, to furnish particulars of bearer securities (which includes various forms of indebtedness as well as promissory notes issued to a loan creditor of the company) issued by the company and the names and addresses of the persons to whom the securities were issued and the amount in each case. Any such person selling or transferring the securities is obliged, when required, to furnish information as to the name and address of the person to whom the securities were sold or transferred.

Relevant Date: Finance Act 2019