Taxes Management Act 1970 section 25

Issuing houses, stockbrokers, auctioneers, etc.

Section 25 was a provision that required certain financial intermediaries and agents — such as issuing houses, stockbrokers, and auctioneers — to provide information to HMRC about transactions they handled on behalf of others.

• Section 25 imposed reporting obligations on financial intermediaries including issuing houses, stockbrokers, and auctioneers regarding transactions conducted on behalf of clients.
• These intermediaries were required to supply HMRC with details of payments, securities, or property passing through their hands in the course of their business.
• The section was repealed by Finance Act 2011, Schedule 23, which replaced these standalone information powers with a consolidated data-gathering framework.
• Transitional provisions in Schedule 23, paragraphs 50 and 65, ensured that existing obligations and notices were not disrupted during the changeover to the new regime.