Paragraph 15 Power to change amount of penalty

United Kingdom

(1)

If it appears to the Treasury that there has been a change in the value of money since the last relevant date, they may by regulations made by statutory instrument substitute for the sum for the time being specified in paragraph 5(1), 6(1), 7(2) or 7(3) such other sum as seems to them to be justified by the change.

(2)

In sub-paragraph (1), “relevant date” means—

(a)

the date on which this Act is passed, and

(b)

each date on which the power conferred by sub-paragraph (1) has been exercised in relation to the sum in question.

(3)

Regulations under sub-paragraph (1) are subject to annulment in pursuance of a resolution of the House of Commons.

(4)

Regulations under sub-paragraph (1) do not apply in relation to an electronic sales suppression penalty to which liability arose before the date on which the regulations come into force.