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Finance Act 2010

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10(1)Section 98C of TMA 1970 (penalties for failures to comply with duties relating to disclosure of tax avoidance schemes) is amended as follows.E+W+S+N.I.

(2)In subsection (1)(a) (initial penalty for failing to comply with duties), for “£5,000” substitute—

(i)in the case of a provision mentioned in paragraph (a), (b) or (c) of that subsection, £600 for each day during the initial period (but see also subsections (2A), (2B) and (2ZC) below), and

(ii)in any other case, £5,000.

(3)In subsection (2)—

(a)omit the “and” at the end of paragraph (da),

(b)after that paragraph insert—

(db)section 313ZA (duty of promoter to provide details of clients),, and

(c)insert at the end and

(f)section 313C (duty of introducer to give details of persons who have provided information).

(4)After that subsection insert—

(2ZA)In this section “the initial period” means the period—

(a)beginning with the relevant day, and

(b)ending with the earlier of the day on which the penalty under subsection (1)(a)(i) is determined and the last day before the failure ceases;

and for this purpose “the relevant day” is the day specified in relation to the failure in the following table.

FailureRelevant day
A failure to comply with subsection (1) or (3) of section 308 in so far as the subsection applies by virtue of an order under section 306AThe first day after the end of the period prescribed under section 306A(6)
A failure to comply with subsection (1) or (3) of section 308 in so far as the subsection applies by virtue of an order under section 308A(2)The first day after the end of the period prescribed under subsections (5) and (6)(a) of section 308A (as it may have been extended by a direction under subsection (6)(b) of that section)
Any other failure to comply with subsection (1) of section 308The first day after the end of the period prescribed under that subsection
Any other failure to comply with subsection (3) of section 308The first day after the end of the period prescribed under that subsection
A failure to comply with subsection (1) of section 309The first day after the end of the period prescribed under that subsection
A failure to comply with section 310The first day after the latest time by which section 310 must be complied with in the case concerned

(2ZB)The amount of a penalty under subsection (1)(a)(i) is to be arrived at after taking account of all relevant considerations, including the desirability of its being set at a level which appears appropriate for deterring the person, or other persons, from similar failures to comply on future occasions having regard (in particular)—

(a)in the case of a penalty for a person's failure to comply with section 308(1) or (3), to the amount of any fees received, or likely to have been received, by the person in connection with the notifiable proposal (or arrangements implementing the notifiable proposal), or with the notifiable arrangements, and

(b)in the case of a penalty for a person's failure to comply with section 309(1) or 310, to the amount of any advantage gained, or sought to be gained, by the person in relation to any tax prescribed under section 306(1)(b) in relation to the notifiable arrangements.

(2ZC)If the maximum penalty under subsection (1)(a)(i) above appears inappropriately low after taking account of those considerations, the penalty is to be of such amount not exceeding £1 million as appears appropriate having regard to those considerations.

(2ZD)Where it appears to an officer of Revenue and Customs that a penalty under subsection (1)(a)(i) above has been determined on the basis that the initial period begins with a day later than that which the officer considers to be the relevant day, an officer of Revenue and Customs may commence proceedings for a re-determination of the penalty.

(2ZE)The Treasury may by regulations vary—

(a)any of the sums for the time being specified in subsection (1) above, and

(b)the sum specified in subsection (2ZC) above.

(5)In subsection (2A), for “amount specified in subsection (1)(b) above shall be increased to the prescribed sum” substitute “ amounts specified in subsection (1)(a)(i) and (b) above shall be increased to the prescribed sum in relation to days falling after the prescribed period ”.

(6)In subsection (2B), for “amount specified in subsection (1)(b)” substitute “ amounts specified in subsection (1)(a)(i) and (b) ”.

(7)In subsection (2C)(b), after “section” insert “ 306A or ”.

(8)In subsection (2D), after “under section” insert “ 306A or ”.

(9)In subsection (2E), after “under section” insert “ 306A or ”.

(10)In subsection (2F)—

(a)in the opening words, for “subsection (2C)” substitute “ this section ”, and

(b)in paragraph (c), after “subsection” insert “ (2ZE) or ”.

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