32(1)If it appears to the Treasury that there has been a change in the value of money since the last relevant date, they may by regulations substitute for any sums for the time being specified in paragraph 18, 21 or 24 such other sum as appear to them to be justified by the change.
(2)In sub-paragraph (1) “relevant date” means—
(a)the date on which this Act is passed, and
(b)each date on which the power conferred by that sub-paragraph has been exercised.
(3)Regulations under this paragraph do not apply to a failure that occurs in respect of a financial year (of the body or partnership responsible for the failure) that begins before the date on which they come into force.