SCHEDULES

SCHEDULE 57Amendments relating to penalties

Part 1Amendments of Schedule 24 to FA 2007

1

Schedule 24 to FA 2007 (penalties for errors) is amended as follows.

2

In paragraph 2 (under-assessment by HMRC), insert at the end—

4

In this paragraph (and in Part 2 of this Schedule so far as relating to this paragraph)—

a

“assessment” includes determination, and

b

accordingly, references to an under-assessment include an under-determination.

3

In paragraph 5 (normal rule for calculating potential lost revenue), for sub-paragraph (4)(b) substitute—

b

any relief under subsection (4) of section 419 of ICTA (relief in respect of repayment etc of loan) which is deferred under subsection (4A) of that section;

4

In paragraph 9(1)(b) and (c) (reductions for disclosure), for “supply or false information” substitute “ supply of false information ”.

5

In paragraph 13 (assessment), insert at the end—

7

In this Part of this Schedule references to an assessment to tax, in relation to inheritance tax and stamp duty reserve tax, are to a determination.

6

For paragraph 16(2) (appeals) substitute—

2

Sub-paragraph (1) does not apply—

a

so as to require P to pay a penalty before an appeal against the assessment of the penalty is determined, or

b

in respect of any other matter expressly provided for by this Act.

7

1

Paragraph 19 (companies: officers' liability) is amended as follows.

2

In sub-paragraph (3)—

a

after “a body corporate” insert “ other than a limited liability partnership ”,

b

in paragraph (a), omit the “or” at the end, and

c

after that paragraph insert—

aa

a manager, and

3

After that sub-paragraph insert—

3A

In the application of sub-paragraph (1) to a limited liability partnership, “officer” means a member.

4

Insert at the end—

6

In this paragraph “company” means any body corporate or unincorporated association, but does not include a partnership, a local authority or a local authority association.

8

Omit paragraph 28(da) (interpretation of references to assessment).

9

In paragraphs 30 and 31 (consequential amendments) for “paragraph 7” substitute “ paragraphs 7 and 7B ”.