Enforcement action: county court proceedings: charging orders: applying for a charging order on financial products (securities)
Where you have evidence that the judgment debtor holds a beneficial interest in securities, stocks and shares, government stock, unit trusts, PEPs or ISAs (both mini and maxi share ISAs), a debt manager may authorise an application for an interim charging order. To do this you need to complete form N380, which must be verified by a statement of truth, as shown in the table below. Where you have more than one judgment debt, adapt the N380 as appropriate to cover all outstanding judgment debts.
|Section of form N380||Action|
|Section 1||Enter the full name of the judgment debtor and their full postal address and postcode. If you know, or suspect, that someone else with the same name lives at the same address, give as much information as you can to identify the judgment debtor, for example their date of birth.|
|In some instances the name in which the asset to be charged is held may differ from the name of the judgment debtor, typically because they have changed their name on marriage, divorce, by deed poll or they have used an alias such as a stage name. In such circumstances you will need to explain the reasons for this discrepancy and (if held) attach supporting evidence. In cases of doubt or difficulty, phone the EIS Bradford CCP Technical Team.|
|Section 2||Enter the amount of the judgment or order as appropriate. When completing the line “The amount now owing is £…..” show the balance of the judgment debt remaining unpaid including any court fees and costs already awarded to HMRC, but not the court fee for your application for the interim charging order itself. The Field Force collector attending the hearing for the final charging order will ask for that court fee to be awarded to HMRC (DMBM667370).|
|You should not include any interest that has accrued since judgment.|
|Section 3||Enter full details of the securities. For example:|
|An ISA account dealing in stocks and shares managed by [name of company] [full postal address including postcode]. The reference of this account is believed to be [account number].|
|Section 4||Complete the first section stating the judgment debtor’s interest in the securities. For example;|
“[He] [she] is the holder of the ISA account which invests in stocks and shares.”
Complete the second section explaining how you came to believe the judgment debtor has such an interest. The information may have been obtained at an “Order to obtain information [OTOI] hearing (DMBM666650).
If so state;
“The judgment debtor provided this information on oath at a hearing at [name] county court on [date]”.
Alternatively the information may have been supplied to HMRC by the organisation administering the securities and has been recorded on TPI Datamart. If so state:
|“The information was provided to the claimant under Section 17 Taxes Management Act 1970.”|
|Section 5||If you know the name of anyone who is owed money by the judgment debtor, enter their names and addresses along with the nature of the debts and amounts (if known). If you do not know of anyone, tick the top box.|
|Section 6||Enter the names and addresses of any persons that you know, or suspect may, have an interest in the securities and the nature of their interest (if known). If you do not know or suspect of any person who may have an interest, tick the top box.|
|Section 7||If there is any additional information you wish to bring to the court’s attention, enter this here. For example, you may have reason to believe that the judgment debtor is intending to sell the securities imminently. In such circumstances you should give details here and ask the court respectfully to put the application before a district judge at the earliest opportunity.|
|Section 8||Ideally this should reflect that the information is being given by the debt manager who is signing the Statement of Truth.|
When the form is complete: