SVM118020 - Statutory Notices: Capital Gains Tax

Under Schedule 36 Finance Act 2008, a notice can be issued to a person, requiring them to produce information or documents which are reasonably required to check their tax position.

The notice must stipulate a time limit (usually 30 days) during which the information or documents must be provided. If the person does not provide everything the information notice asks for, they may have to pay penalties, including standard and daily penalties.

The person may appeal against the notice, except where it is issued under the direction of the First Tier Tribunal or where the requirement is to supply anything which forms part of a person’s statutory records. Any appeal must be made in writing and within 30 days of its receipt. [Grounds of appeal could be, for example, that the information requested was not reasonably relevant to checking the person’s tax position.] If the notice is confirmed by the independent tribunal, the taxpayer has 30 days from the date of the determination of the appeal in which to comply. Failure to comply with a confirmed notice will result in the imposition of penalties.

Any failure to comply with a Schedule 36 notice issued by SAV should be referred to the Appeals Team immediately the stipulated time period has elapsed.