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Explanatory note

Original text. Later amendments are not shown.

(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.