Section 240A Underpayments: supplementaryF1

(1)

This section applies for the purposes of section 240.

(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: S. 240A inserted (1.4.2011) by Finance Act 2009 (c. 10), s. 99, Sch. 51 para. 12; S.I. 2010/867, art. 2(2)

Notes on the whole Act

Textual amendments

F1: By Finance Act 1986 s. 100(1), on and after 25 July 1986 the Capital Transfer Tax Act 1984 may be cited as the Inheritance Tax Act 1984.