Corporation Tax Act 2010 section 18K

Power to obtain information

Section 18K gives HMRC officers the power to require information about bearer securities from companies that appear to be close companies, and from persons connected with those securities, in order to identify the beneficial owners.

• Where a company appears to be a close company, an HMRC officer may require it to provide details of any bearer securities issued, including the names and addresses of recipients and the amounts issued to each person.
• The officer may also require any person who received, purchased, or transferred the company's bearer securities to provide further information needed to identify those beneficially interested in the securities.
• Securities for this purpose include not only shares, stocks, bonds, debentures and debenture stock, but also any promissory note or other instrument evidencing indebtedness to a loan creditor of the company.
• The term loan creditor has the specific meaning given by section 453 of the Corporation Tax Act 2010.