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The Tax Avoidance Schemes (Information) (Amendment) (No. 2) Regulations 2007

S.I. 2007/3103 · Made 30 October 2007

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

taxes

Made 30th October 2007

Laid before the House of Commons 30th October 2007

Coming into force 20th November 2007

The Commissioners for Her Majesty’s Revenue and Customsf1 make the following Regulations in exercise of the powers conferred by sections 98C(2B) and 98C(2C)(b) of the Taxes Management Act 1970f2.

Annotations to the whole text

Footnotes

f1

The functions of the Commissioners of Inland Revenue were transferred to the Commissioners for Her Majesty’s Revenue and Customs by section 5(2) of the Commissioners for Revenue and Customs Act 2005 (c.11). Section 50(1) of that Act provides that a reference to the Commissioners of Inland Revenue, however expressed, shall be taken as a reference to the Commissioners for Her Majesty’s Revenue and Customs.

f2

The Taxes Management Act 1970 (c.9). Section 98C was inserted by section 315(1) of the Finance Act 2004 (c.12) and subsequently amended by section 108(9) of the Finance Act 2007 (c.11). Section 98C(2B) and (2C)(b) were inserted by section 108(9)(b) of that Act.

Contents

  1. 1Citation and commencement
  2. 2Amendment of the Tax Avoidance Schemes (Information) Regulations 2004
  3. 3Amendment of the Tax Avoidance Schemes (Information) Regulations 2004
  4. Signature
  5. Explanatory note

1Citation and commencement

These Regulations may be cited as the Tax Avoidance Schemes (Information) (Amendment) (No 2) Regulations 2007 and shall come into force on 20th November 2007

2Amendment of the Tax Avoidance Schemes (Information) Regulations 2004

The Tax Avoidance Schemes (Information) Regulations 2004f1 are amended as follows.

3Amendment of the Tax Avoidance Schemes (Information) Regulations 2004

After regulation 8Af1 insert—

“Higher rate of penalty following a failure to comply with an order under section 314A

8B.

For the purposes of section 98C(2B) of the Taxes Management Act 1970 (higher rate of penalty after the making of an order under section 314Af2) the prescribed period is 10 days beginning with the date on which the order is made.”.

Signature

Steve Lamey

Dave Hartnett

Two of the Commissioners for Her Majesty’s Revenue and Customs

30th October 2007

Explanatory note

(This note is not part of the Regulations)

These Regulations amend the Tax Avoidance Schemes (Information) Regulations 2004 (S.I. 2004/1864 “the 2004 Regulations”) by inserting a new regulation 8B.

Regulation 8B sets out the period after which a higher rate of penalty under section 98C(2B) of the Taxes Management Act 1970 (c.9) will apply where there is a failure to comply with the obligations under section 308 of the Finance Act 2004 following an order under section 314A of the Finance Act 2004 (order to disclose). Section 314A was inserted by section 108(6) of the Finance Act 2007.

These Regulations do not impose significant new costs on business. A full regulatory impact assessment has been prepared and is available on the website of HM Revenue and Customs at http://www.hmrc.gov.uk/ria/ria-tax-avoid-disc.pdf or in hard copy from the Ministerial Correspondence Unit.