INTM215060 - Controlled Foreign Companies: before CTSA

Information powers: penalties

A company may fail to comply with a Board's notice under ICTA88/S755. In that case the penalty rules of TMA70/S98 apply.

A company may say that it genuinely cannot comply with a notice requiring information. This may be the case, for example, where the UK company is a minority shareholder in the controlled foreign company. Another possibility might be that the laws of the territory in which the controlled foreign company is based prohibit the production of the relevant information. The Board will consider representations in cases like these.