Finance Act 2015

Administration of tax

103 Responsibility for collection and management

The Commissioners for Her Majesty’s Revenue and Customs are responsible for the collection and management of diverted profits tax.

104 Penalties etc

(1) Schedule 56 to FA 2009 (penalty for failure to make payments on time) is amended as follows.

(2) In the Table at the end of paragraph 1, after item 6ZA insert—

“6ZB

Diverted profits tax

Amount of diverted profits tax payable under Part 3 of FA 2015

The date when, in accordance with section 98(2) of FA 2015, the amount must be paid”

(3) In paragraph 3 (amount of penalty: occasional amounts and amounts in respect of periods of 6 months or more), after sub-paragraph (1)(a) insert—

“(aa) a payment of tax falling within item 6ZB in the Table,”.

(4) Schedule 41 to FA 2008 (penalties: failure to notify etc) is amended as follows.

(5) In the Table in paragraph 1, after the entry for corporation tax insert—

“Diverted profits tax

Obligation under section 92 of FA 2015 (duty to notify if within scope of diverted profits tax).”

(6) In paragraph 7 (meaning of “potential lost revenue”), after sub-paragraph (4) insert—

“(4A) In the case of a relevant obligation relating to diverted profits tax, the potential lost revenue is the amount of diverted profits tax for which P would be liable at the end of the period of 6 months beginning immediately after the accounting period assuming—

(a) a charge to diverted profits tax had been imposed on P on the taxable diverted profits arising to P for the accounting period, and

(b) that tax was required to be paid before the end of that period of 6 months.”

105 Information and inspection powers etc

(1) In Schedule 23 to FA 2011 (data-gathering powers), in paragraph 45(1) (taxes to which powers apply), after paragraph (c) insert—

“(ca) diverted profits tax,”.

(2) In Schedule 36 to FA 2008 (information and inspection powers), in paragraph 63(1) (taxes to which powers apply), after paragraph (c) insert—

“(ca) diverted profits tax,”.