Paragraph 31A F1

(1)

This paragraph applies for the purposes of paragraph 31.

(2)

A loss of tax is brought about carelessly by a person if the person fails to take reasonable care to avoid bringing about that loss.

(3)

Where—

(a)

information is provided to Her Majesty's Revenue and Customs,

(b)

the person who provided the information, or the person on whose behalf the information was provided, discovers some time later that the information was inaccurate, and

(c)

that person fails to take reasonable steps to inform Her Majesty's Revenue and Customs,

any loss of tax brought about by the inaccuracy is to be treated as having been brought about carelessly by that person.

(4)

References to a loss of tax brought about deliberately by a person include a loss of tax brought about as a result of a deliberate inaccuracy in a document given to Her Majesty's Revenue and Customs by or on behalf of that person.

Annotations

Textual amendments

F1: Sch. 10 para. 31A and cross-heading inserted (1.4.2011) by Finance Act 2009 (c. 10), s. 99(2), Sch. 51 para. 15(9); S.I. 2010/867, art. 2(2)

Notes on Schedule 10

Modifications

C1: Sch. 10 applied (with modifications) (with effect in accordance with Sch. 61 para. 29(2)(a) of the amending Act) by Finance Act 2009 (c. 10), Sch. 61 para. 7(9)