Taxation of Chargeable Gains Act 1992 section 98

Power to obtain information for purposes of sections 87 to 90

Section 98 gives HMRC the power to require any person to provide information it considers necessary in connection with the taxation of gains attributed to beneficiaries of non-resident settlements.

• HMRC may issue a formal notice requiring any person to provide information relevant to the taxation of gains from non-resident trusts, allowing at least 28 days for a response.
• The safeguards and restrictions that apply to information requests under the transfer of assets abroad rules (ITA 2007 sections 748 to 750) also apply here, including protections for lawyers and banks.
• References in this section to sections 87 to 90 are treated as also including references to Schedule 4C, which deals with the attribution of gains to beneficiaries following transfers of value by trustees.
• This power supports HMRC's ability to investigate and verify the correct taxation of capital gains arising in offshore trusts and attributed to UK-resident beneficiaries.