ANNEX 1:: MINOR CHANGES IN THE LAW MADE BY THE BILL This change is adverse to some taxpayers in principle. But it is expected to have no practical effect as it is in line with current practice. Change 47: EIS: HMRC to give notice of decisions on compliance certificates: section 204
This change requires an officer of Revenue and Customs to notify his or her decision to a company that requests permission to issue compliance certificates to investors. The change is in line with practice.
Section 306(4) of ICTA prevents a company from issuing a compliance certificate without the permission of an officer of Revenue and Customs. Section 306(10) allows the company to appeal to an independent tribunal against the refusal by an officer of Revenue and Customs to give permission. But there is nothing in section 306 of ICTA obliging an officer of Revenue and Customs to tell the company whether or not permission is given.
Section 204(5) of this Act sets out that:
“If an officer of Revenue and Customs—(a)has been requested to give or renew an authority to issue a compliance certificate, and(b)has decided whether or not to do so,the officer must give notice of the officer’s decision to the issuing company.”