Finance Act 2015 (c. 11)

SCHEDULES

SCHEDULE 17 U.K. Disclosure of tax avoidance schemes

Increase in penalties for failure to comply with section 313 of FA 2004 U.K.

18 U.K. In section 98C of TMA 1970 (notification under Part 7 of FA 2004)—

(a) in subsection (3) for “penalty of the relevant sum” substitute “ penalty not exceeding the relevant sum ”, and

(b) in subsection (4)—

(i) in paragraph (a) for “£100” substitute “ £5,000 ”,

(ii) in paragraph (b) for “£500” substitute “ £7,500 ”, and

(iii) in paragraph (c) for “£1,000” substitute “ £10,000 ”.