(1) No obligation as to secrecy imposed by statute or otherwise prevents the disclosure of Revenue information to -

(a) the FCA or the PRA, if the disclosure is made for the purpose of assisting or enabling that regulator to discharge its functions under this or any other Act, or

(aa) the Bank of England, if the disclosure is made for the purpose of assisting or enabling the Bank of England to discharge its functions under regulation 4 of the Financial Services (Overseas Recognition Regime Designations) Regulations 2025, or

(b) the Secretary of State, if the disclosure is made for the purpose of assisting in the investigation of a matter under section 168 or with a view to the appointment of an investigator under that section.

(2) A disclosure may only be made under subsection (1) by or under the authority of the Commissioners of Inland Revenue.

(3) Section 348 does not apply to Revenue information.

(4) Information obtained as a result of subsection (1)(b) may not be used except -

(a) for the purpose of deciding whether to appoint an investigator under section 168;