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The Tax Avoidance Schemes (Penalty) Regulations 2007
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- 2007 No. 3104
- Explanatory Note
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EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations increase the amount of the daily penalty imposed by section 98C of the Taxes Management Act 1970(c. 9). Section 98C penalises the failure to comply with the notification requirements of Part 7 of the Finance Act 2004 (c. 12). Part 7 of the Finance Act 2004 was amended by the Finance Act 2007 (c 11) to create new obligations on promoters to provide information in respect of tax avoidance schemes. The increased penalties apply where there is a failure to provide information following the making of an order by the Special Commissioners under sections 306A and 314A of the Finance Act 2004.
These Regulations are not expected to impose any significant new costs on compliant promoters or businesses. A full regulatory impact assessment has been prepared and is available on the website of HM Revenue and Customs at http://www.hmrc.gov.uk/ria/ria-tax-avoid-disc.pdf or in hard copy from the Ministerial Correspondence Unit,
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