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Paragraph 11 I1C1

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

  • Sch. 41 para. 6(2)(b) word substituted by Finance Act 2015 Sch. 20 para. 10(3)(b)
  • Sch. 41 para. 6(1A) inserted by Finance Act 2015 Sch. 20 para. 10(2)
  • Sch. 41 para. 6(2)(a) word substituted by Finance Act 2015 Sch. 20 para. 10(3)(a)
  • Sch. 41 para. 6(2)(c) word substituted by Finance Act 2015 Sch. 20 para. 10(3)(c)
  • Sch. 41 para. 6(5) word substituted by Finance Act 2015 Sch. 20 para. 10(4)
  • Sch. 41 para. 6A(A1)(1) substituted for Sch. 41 para. 6A(1) by Finance Act 2015 Sch. 20 para. 11(2)
  • Sch. 41 para. 13(3) Table words inserted by Finance Act 2015 Sch. 20 para. 13
(1)

In calculating potential lost revenue in respect of a relevant act or failure on the part of P no account is to be taken of the fact that a potential loss of revenue from P is or may be balanced by a potential over-payment by another person (except to the extent that an enactment requires or permits a person's tax liability to be adjusted by reference to P's).

(2)

In this Schedule “a relevant act or failure” means—

(a)

a failure to comply with a relevant obligation,

(b)

the making of an unauthorised issue of an invoice showing VAT,

(c)

the doing of an act which enables HMRC to assess an amount of duty as due under a relevant excise provision or supplying a product knowing that it will be used in a way which enables HMRC to assess an amount as duty due from another person under a relevant excise provision, or

(d)

acquiring possession of, or being concerned in dealing with, goods the payment of duty on which is outstanding and has not been deferred F1or (as the case may be) chargeable soft drinks in respect of which a payment of soft drinks industry levy is due and payable and has not been paid.

Annotations

Textual amendments

F1

Words in Sch. 41 para. 11(2)(d) inserted (6.4.2018) by Finance Act 2017 (c. 10), s. 61(1), Sch. 11 para. 2(8); S.I. 2018/464, art. 2(e)

Modifications

C1

Sch. 41 para. 11 applied (3.11.2017) by The Sections 106B, 106C and 106D of the Taxes Management Act 1970 (Specified Threshold Amount) Regulations 2017 (S.I. 2017/988), regs. 1, 4(a), 5, 6

Commencement

I1

Sch. 41 para. 11 in force at 1.4.2010 with effect in accordance with art. 3 by S.I. 2009/511, art. 2

Notes on Schedule 41

Modifications

C1

Sch. 41 modified (with effect in accordance with s. 42(2), Sch. 12 para. 29(1) of the amending Act) by Finance Act 2018 (c. 3), Sch. 12 paras. 33, 34

C2

Sch. 41 applied (with modifications) (22.7.2020) by Finance Act 2020 (c. 14), Sch. 16 para. 11(6) (with Sch. 16 para. 11(7))

C3

Sch. 41 applied (with modifications) (22.7.2020) by Finance Act 2020 (c. 14), Sch. 16 para. 13