EIM47190 - Finance (No 2) Act 2017: part 3A: 2019 loan charge reporting requirement: para 35B: requirement for third party to provide information to employee

The provisions of paragraph 35B apply to any of the third parties who are treated as taking a relevant step as a result of paragraphs 35A(2) to (5). These are referred to as the “appropriate third parties”.

In order to provide details of the loan charge information, the employee concerned may need to approach the appropriate third party for information they hold in relation to the loan. If any of the appropriate third parties receive such a request for information from the employee or the employee’s personal representatives, the third party must supply the employee or their personal representatives with as much of the information as is available to them.

Where some of the information requested is not available to the third party, the third party must provide the employee or the employee’s personal representatives with a statement confirming that the information which has not been provided is information which is not available to them.

The third party must provide either the information or the statement of unavailability promptly and, in any event, no later than 30 days following receipt of the request.