Power for HMRC to obtain accounts

Power for HMRC to obtain accounts
10G
1
HMRC may by notice in writing require the general partners in a limited partnership to—
a
prepare accounts in accordance with regulations made by the Secretary of State for the purposes of this paragraph;
b
deliver those accounts to HMRC, together with—
i
an auditor’s report prepared in accordance with regulations made by the Secretary of State for the purposes of this sub-paragraph;
ii
such supporting evidence as may be required by regulations made by the Secretary of the State for the purposes of this sub-paragraph.
2
A requirement under this section may specify—
a
the period to which the accounts must relate;
b
the form and manner in which the documents are to be delivered;
c
the period within which they are to be delivered.
3
HMRC may by notice in writing extend a period specified in a requirement under this section.
4
If the general partners in a limited partnership fail to comply with a requirement under this section an offence is committed by each general partner who is in default.
5
But where the general partner is a legal entity, it does not commit an offence as a general partner in default unless one of its managing officers is in default.
6
Where any such offence is committed by a general partner that is a legal entity, or any such offence is by virtue of this subsection committed by a managing officer that is a legal entity, any managing officer of the legal entity also commits the offence if—
a
the managing officer is an individual who is in default, or
b
the managing officer is a legal entity that is in default and one of its managing officers is in default.
7
A person guilty of an offence under this section is liable—
a
on conviction on indictment, to imprisonment for a term not exceeding two years or a fine (or both);
b
on summary conviction—
i
in England and Wales, to imprisonment for a term not exceeding the general limit in a magistrates’ court or a fine (or both);
ii
in Scotland, to imprisonment for a term not exceeding 12 months or a fine not exceeding the statutory maximum (or both) and, for continued contravention, a daily default fine not exceeding one-fifth of the statutory maximum;
iii
in Northern Ireland, to imprisonment for a term not exceeding 6 months or a fine not exceeding the statutory maximum (or both) and, for continued contravention, a daily default fine not exceeding one-fifth of the statutory maximum.
8
A general partner or managing officer is “
in default
” for the purposes of this section if they authorise or permit, participate in, or fail to take all reasonable steps to prevent, the contravention.
9
In this section “
HMRC
” means the Commissioners for His Majesty’s Revenue and Customs.
10
Regulations under this section are subject to the affirmative resolution procedure.
S. 10G and cross-heading inserted (26.10.2023 but only so far as it confers a power to make regulations or relates to the exercise of the power, otherwise prosp.) by Economic Crime and Corporate Transparency Act 2023 (c. 56), ss. 128, 219(1)(2)(b)