# Finance Act 1989, Section 170: Up-rating of certain penalties.

Extent: E+W+S+N.I.

(1) In section 23(8) of the Taxes Act 1988 (maximum penalty for agents failing to make certain payments on behalf of principals), for “£50” there shall be substituted “£300”.
(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4) In—
(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(c) section 658(5) of that Act (maximum penalty for false statements or representations relating to purchased life annuities),
for “£500” there shall be substituted “£3,000”.
(5) In paragraph 2(4) of Schedule 19A to that Act and Schedule 16A to the Finance Act 1973 (maximum penalty for incorrect return byLloyd’s agent), for the words “£500 in the case of fraud and £250 in the case of negligence” there shall be substituted “£3,000”.
(6) This section shall apply in relation to things done or omitted on or after the day on which this Act is passed.

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Source: https://www.legislation.gov.uk/ukpga/1989/26/section/170 (the official version)
Page: https://openlegislation.uk/finance-act-1989/section-170
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.