Search Legislation

Finance Act 2017

What Version

 Help about what version

Advanced Features

 Help about advanced features

Status:

This version of this part contains provisions that are prospective. Help about Status

Close

Status

The term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section. A version of a provision is prospective either:

  1. where the provision (Part, Chapter or section) has never come into force or;
  2. where the text of the provision is subject to change, but no date has yet been appointed by the appropriate person or body for those changes to come into force.

Commencement Orders listed in the ‘Changes to Legislation’ box as not yet applied may bring this prospective version into force.

Changes to legislation:

There are currently no known outstanding effects for the Finance Act 2017, Part 1 . Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.

Prospective

Part 1 E+W+S+N.I.Penalties

Sections 48(2) and 53(1): requirements imposed by regulationsE+W+S+N.I.

1(1)A person who fails to comply with a requirement imposed by regulations under section 48(2) or 53(1)(a) is liable to a penalty.E+W+S+N.I.

(2)The amount of the penalty is equal to the relevant amount multiplied by the number of days on which the failure continues (up to a maximum of 100 days) or, if it is greater, to a penalty of £50.

(3)In relation to a failure by a person to comply with the requirement, the amount of the penalty is to be determined by reference to the number of occasions in the period of 2 years preceding the beginning of the failure on which the person has previously failed to comply with that requirement.

(4)But—

(a)a continuing failure to comply with a requirement is to be regarded as one occasion of failure occurring on the date on which the failure began;

(b)if the same omission gives rise to a failure to comply with more than one such requirement, it is to be regarded as the occasion of only one failure.

(5)The relevant amount is—

(a)if there has been no previous occasion of failure in the period mentioned in sub-paragraph (3), £5;

(b)if there has been only one such occasion in that period, £10; and

(c)in any other case, £15.

(6)A person who fails to comply with a requirement to preserve records imposed by regulations under section 53(1)(b) is liable to a penalty of £500.

(7)If by reason of conduct falling within sub-paragraph (1) or (6) a person is assessed to a penalty for a deliberate inaccuracy under Schedule 24 to FA 2007, that conduct does not also give rise to a penalty under this paragraph.

Section 53(2): requirements imposed by directionsE+W+S+N.I.

2(1)A person who fails to comply with a requirement imposed under section 53(2)(a) is liable to a penalty.E+W+S+N.I.

(2)The amount of the penalty is equal to £200 multiplied by the number of days on which the failure continues (up to a maximum of 30 days).

(3)A person who fails to comply with a requirement imposed under section 53(3)(b) is liable to a penalty of £500.

(4)If by reason of conduct falling within sub-paragraph (1) or (3) a person is assessed to a penalty for a deliberate inaccuracy under Schedule 24 to FA 2007, that conduct does not also give rise to a penalty under this paragraph.

Power to alter amounts specified in paragraphs 1 and 2E+W+S+N.I.

3(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 the sums specified in paragraph 1(2), (5)(a) to (c) and (6) and paragraph 2(2) and (3) such other sums as appear to them to be justified by the change.E+W+S+N.I.

(2)But regulations under sub-paragraph (1) may not apply to a failure which began before the date on which the regulations come into force.

(3)The “relevant date”, in relation to a specified sum, means—

(a)the date on which this Act is passed, and

(b)each date on which the power conferred by sub-paragraph (1) has been exercised in relation to that sum.

Reasonable excuseE+W+S+N.I.

4(1)A failure by any person to comply with any requirement mentioned in paragraph 1 or 2 does not give rise to a liability to a penalty under this Schedule if the person concerned satisfies—E+W+S+N.I.

(a)the Commissioners, or

(b)on appeal, a tribunal,

that there is a reasonable excuse for the failure.

(2)A failure for which there is a reasonable excuse is to be disregarded for the purposes of paragraph 1(5).

(3)For the purposes of this paragraph, in the case of a person (P)—

(a)an insufficiency of funds is not a reasonable excuse unless attributable to events outside P's control;

(b)where P relies on another person to do anything, that is not a reasonable excuse unless P took reasonable care to avoid the relevant failure;

(c)where P had a reasonable excuse for the failure but the excuse has ceased, P is to be treated as having continued to have the excuse if the failure is remedied without unreasonable delay after the excuse ceased.

Back to top

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

See additional information alongside the content

Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources