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Finance Act 2014

Details of the Section

2.Subsection (1) inserts new Section 716B, “Employment intermediaries to keep, preserve and provide information etc” has been inserted after 716A as a new section.

3.Subsection 716B(1) enables the Commissioners of Her Majesty’s Revenue and Customs (“HMRC”) to make provision (by regulations) for certain employment intermediaries to keep specified information, records or documents and provide them to HMRC.

4.Subsection 716B(2) defines an “employment intermediary” is someone who makes arrangements for an individual to work for someone else or who makes arrangements as a consequence of which that individual is paid.

5.Subsection 716B(3) provides for a definition of when an individual works for a person, that being where they undertake duties of employment (even if not employed by that person) or provide, or are involved in the provision of, a service to the person.

6.Subsection 716B(4) defines “specified”, used in subsection (1) as specified or described in regulations made under this section.

7.Subsection 716B(5) states that regulations under this section may make different provisions for different cases or purposes, and may make consequential, supplementary, or transitional provisions and savings.

8.Subsections (2) to (4) amend Section 98 of TMA 1970. Subsection (3) inserts new sub-section (4F) which sets out the penalty limits if a person fails to provide any information or produce any document or record in accordance with regulations under section 716B of ITEPA 2003. These penalties are £3,000 per failure and a £600 per day penalty for each day of continued failure after the £3,000 penalty.

9.The Table at section 98 TMA 1970 has had the following included in the second column: Regulations under section 716B of ITEPA 2003.

10.Subsection (5) states that the amendments made to section 98 TMA 1970 in subsections (2) to (4) will have effect from a date which the Treasury may decide by order made by statutory instrument.

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