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Finance (No. 2) Act 2017
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Reasonable excuse
50(1)Where a person fails to comply with—
(a)paragraph 17(2) and the promoter for the purposes of paragraph 17 is a monitored promoter, or
(b)paragraph 18(2) and the arrangements for the purposes of paragraph 18 are arrangements of a monitored promoter,
then for the purposes of paragraph 48 legal advice which the person took into account is to be disregarded in determining whether the person had a reasonable excuse, if the advice was given or procured by that monitored promoter.
(2)In determining for the purpose of paragraph 48 whether or not a person who is a monitored promoter had a reasonable excuse for a failure to do something, reliance on legal advice is to be taken automatically not to constitute a reasonable excuse if either—
(a)the advice was not based on a full and accurate description of the facts, or
(b)the conclusions in the advice that the person relied on were unreasonable.
(3)In this paragraph “monitored promoter” means a person who is a monitored promoter for the purposes of Part 5 of FA 2014
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