Corporation Tax Act 2010 section 465

Power to obtain information

Section 465 gives HMRC officers the power to require close companies and related parties to provide information about bearer securities, including details of who holds them and who benefits from them.

• Where a company appears to be a close company, an HMRC officer may issue a notice requiring it to provide details of any bearer securities it has issued, including the names, addresses and amounts relating to each recipient.
• The officer may also require any person who received, bought or transferred bearer securities issued by the company to provide further information to help identify the beneficial owners of those securities.
• "Securities" is defined broadly to include shares, stocks, bonds, debentures, debenture stock, promissory notes and any other instruments evidencing indebtedness to a loan creditor of the company.
• These information powers support the close company rules in Chapters 3 and 3A, helping HMRC to establish the true ownership of bearer securities and determine whether the close company provisions apply.