Income Tax Act 2007 section 705

Appeals against counteraction notices

Section 705 sets out the right to appeal against a counteraction notice issued under the transactions in securities rules, including the grounds of appeal, the time limit, and the powers of the tribunal on hearing such an appeal.

• A person who receives a counteraction notice may appeal on the grounds that the counteraction rules do not apply to them in respect of the relevant transactions, or that the adjustments directed are inappropriate.
• The appeal must be made by giving notice to HMRC within 30 days of the counteraction notice being served.
• On hearing the appeal, the tribunal may affirm, vary or cancel the counteraction notice, and may affirm, vary or quash any related assessment.
• Lodging an appeal does not suspend the validity of the counteraction notice or any action taken under it while the appeal is pending.