Finance Act 2002

Terms and conditions of accreditation

5 (1) An accreditation under this Schedule shall—

(a) be made on—

(i) such terms as regulations may require, and

(ii) such other terms as the Secretary of State considers appropriate, and

(b) be made conditional upon compliance with—

(i) such requirements as regulations may require, and

(ii) such other requirements as the Secretary of State considers appropriate.

(2) The requirements that may be imposed by virtue of sub-paragraph (1)(b) include requirements relating to the provision of information.

(3) Regulations may—

(a) make provision for appeals to the Special Commissioners against refusals to grant accreditation under this Schedule;

(b) make provision about the consequences of a failure to comply with any requirement of an accreditation, including—

(i) provision for the withdrawal of the accreditation with effect from the time of the failure or a later time; and

(ii) provision for the imposition of penalties;

(c) make provision for the making of decisions by the Secretary of State as to any matter required to be decided for the purposes of the regulations;

(d) make different provision for different cases or circumstances or in relation to different areas; and

(e) make such incidental, supplemental, transitional and consequential provision as appears to the Treasury to be necessary or expedient.

(4) In this paragraph “regulations” means regulations made by the Treasury.