SCHEDULES
SCHEDULE 17Disclosure of tax avoidance schemes
Increase in penalties for failure to comply with section 313 of FA 2004
18
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
”
.