The Tax Avoidance Schemes (Information) (Amendment) (No. 2) Regulations 2007
STATUTORY INSTRUMENTS
Made
Laid before the House of Commons
Coming into force
30th October 2007
30th October 2007
20th November 2007
The Commissioners for Her Majesty’s Revenue and Customs(1) make the following Regulations in exercise of the powers conferred by sections 98C(2B) and 98C(2C)(b) of the Taxes Management Act 1970(2).
These Regulations may be cited as the Tax Avoidance Schemes (Information) (Amendment) (No 2) Regulations 2007 and shall come into force on 20th November 2007
2-
Amendment of the Tax Avoidance Schemes (Information) Regulations 2004
The Tax Avoidance Schemes (Information) Regulations 2004(3) are amended as follows.
3-
After regulation 8A(4) insert—
8B.
“Higher rate of penalty following a failure to comply with an order under section 314A
For the purposes of section 98C(2B) of the Taxes Management Act 1970 (higher rate of penalty after the making of an order under section 314A(5)) the prescribed period is 10 days beginning with the date on which the order is made.”.
30th October 2007
Steve Lamey
Dave Hartnett
Two of the Commissioners for Her Majesty’s Revenue
and Customs
These Regulations amend the Tax Avoidance Schemes (Information) Regulations 2004 (S.I. 2004/1864 “the 2004 Regulations”) by inserting a new regulation 8B.
Regulation 8B sets out the period after which a higher rate of penalty under section 98C(2B) of the Taxes Management Act 1970 (c.9) will apply where there is a failure to comply with the obligations under section 308 of the Finance Act 2004 following an order under section 314A of the Finance Act 2004 (order to disclose). Section 314A was inserted by section 108(6) of the Finance Act 2007.
These Regulations do not impose significant new costs on business. 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.
