# The Tax Avoidance Schemes (Penalty) (Amendment) Regulations 2010, Note: Explanatory note


(This note is not part of the Regulations)
These Regulations prescribe the amount of the two daily penalties imposed by section 98C of the Taxes Management Act 1970 (c. 9) in certain circumstances. 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 initial penalty under section 98C(1)(a) was amended by the Finance Act 2010 (c. 13) to include a daily penalty. The daily penalties are increased where there is a failure to provide information following the making of an order under sections 306A and 314A of the Finance Act 2004.
A full Impact Assessment of the effect that this instrument will have on the costs of business and the voluntary sector is available at http://webarchive.nationalarchives.gov.uk/20091222074811/http://hmrc.gov.uk/budget2010/strength-revise-dotas-ia-5295.pdf.

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Source: https://www.legislation.gov.uk/ukdsi/2010/9780111502693/note (the official version)
Page: https://openlegislation.uk/draft-tax-avoidance-schemes-penalty-amendment-regulations-2010/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.