Taxes Management Act 1970 section 12ADA

AIFM firms

Section 12ADA gives HMRC the power to require information from partnerships that have elected to use the special tax rules for Alternative Investment Fund Manager (AIFM) firms.

• HMRC can issue a notice requiring an AIFM partnership to provide information related to its election under the special AIFM provisions
• The power applies whether or not the partnership has subsequently revoked its AIFM election
• The information requested must be reasonably necessary for purposes connected with the operation of the AIFM tax rules
• The partnership must supply the information within a reasonable timeframe specified by the HMRC officer in the notice