ANNEX 1:: MINOR CHANGES IN THE LAW MADE BY THE BILL This change is in taxpayers’ favour in principle. But it is expected to have no practical effect as it is in line with current practice.
Change 108: Transactions in securities, transfer of assets abroad: power to obtain information: minimum time to respond: sections 703 and 748
This change provides that the recipient of a notice to provide information relevant to the legislation on transactions in securities or transfers of assets abroad must have at least 30 days to reply, rather than at least 28 days.
Sections 708 and 745 of ICTA enable HMRC to serve notices requiring the recipient to provide information relevant to the legislation on, respectively, transactions in securities and transfers of assets abroad.
Section 708 and 745 require that the recipient must be given at least 28 days in which to reply. In other similar provisions, such as section 778 of ICTA, which is rewritten in sections 771 and 788, the statutory minimum is 30 days.
Sections 703 and 748 rewrite sections 708 and 745 respectively. They harmonise the time limits by setting the statutory minimum at 30 days.