OpenLegislation

Explanatory note

Original text. Later amendments are not shown.

(This note is not part of the Regulations)

Schedule 26 to the Finance Act 2021 provides for penalties for failure to pay tax.

These Regulations bring that Schedule into force for the purposes of making regulations under paragraph 16(2) of that Schedule.

Paragraph 16(2) of Schedule 26 provides for HMRC to make regulations which allow HMRC to asses a penalty under paragraph 8 (second penalty: tax remains due at end of 30 day period) at times or intervals before the end of the further penalty period.

A Tax Information and Impact Note has not been prepared for this instrument as it contains no substantive changes to tax policy and is appointed day Regulations.