Corporation Tax Act 2010 section 1102

Other distributions etc: additional information

Section 1102 gives HMRC officers the power to require companies and other persons to provide information about bearer securities issued by close companies, in support of the reporting requirements for non-qualifying distributions under section 1101.

• HMRC officers can compel a company that appears to be a close company to disclose details of any bearer securities it has issued, including the names and addresses of recipients and the amounts issued to each person.
• Officers can also require anyone who received, bought or transferred those bearer securities to provide further information needed to identify the beneficial owners of the securities.
• "Securities" is broadly defined to include shares, stocks, bonds, debentures, debenture stock, promissory notes and any other instrument evidencing indebtedness to a loan creditor of the company.
• These powers only apply where the conditions in section 1101(1), (4) or (6) are met — that is, where the company has made distributions that are not qualifying distributions and reporting obligations arise.