# The Tax Avoidance Schemes (Penalty) (Amendment) Regulations 2010

S.I. 2010/2743 · made 15 November 2010

These Regulations prescribe the amount of the two daily penalties imposed by section 98C of the Taxes Management Act 1970 (c. 9) in certain circumstances. Section 98C penalises the failure to comply with the notification requirements of Part 7 of the Finance Act 2004 (c. 12). Part 7 of the Finance Act 2004 was amended by the Finance Act 2007 (c. 11) to create new obligations on promoters to provide information in respect of tax avoidance schemes. The initial penalty under section 98C(1)(a) was amended by the Finance Act 2010 (c. 13) to include a daily penalty. The daily penalties are increased where there is a failure to provide information following the making of an order under sections 306A and 314A of the Finance Act 2004.

Made under: Taxes Management Act 1970 (Section 98C)

PDFs: Printed copy https://openlegislation.uk/tax-avoidance-schemes-penalty-amendment-regulations-2010/pdf/uksi_20102743_en.pdf; Explanatory Memorandum https://openlegislation.uk/tax-avoidance-schemes-penalty-amendment-regulations-2010/pdf/uksiem_20102743_en.pdf

## Introductory text

Taxes
Made 15th November 2010
Coming into force 1st January 2011
A draft of these Regulations was laid before, and approved by, the House of Commons under section 98C(2F)(c) of the Taxes Management Act 1970.
Accordingly the Treasury make the following Regulations in exercise of the powers conferred by section 98C(2C)(a) of the Taxes Management Act 1970.

## 1 Citation and commencement

These Regulations may be cited as the Tax Avoidance Schemes (Penalty) (Amendment) Regulations 2010 and come into force on 1st January 2011.

## 2 Amendment of the Tax Avoidance Schemes (Penalty) Regulations 2007

The Tax Avoidance Schemes (Penalty) Regulations 2007 are amended as follows.

## 3 Amendment of the Tax Avoidance Schemes (Penalty) Regulations 2007

For regulation 3 substitute—
“3. For the purposes of section 98C(2A) of TMA 1970, the prescribed sum is £5,000.”

## 4 Amendment of the Tax Avoidance Schemes (Penalty) Regulations 2007

For regulation 4 substitute—
“4. For the purposes of section 98C(2B) of TMA 1970, the prescribed sum is £5,000.”

## Signature

Angela Watkinson
Jeremy Wright
Two of the Lords Commissioners of Her Majesty’s Treasury
15th November 2010

## Explanatory note

(This note is not part of the Regulations)
These Regulations prescribe the amount of the two daily penalties imposed by section 98C of the Taxes Management Act 1970 (c. 9) in certain circumstances. Section 98C penalises the failure to comply with the notification requirements of Part 7 of the Finance Act 2004 (c. 12). Part 7 of the Finance Act 2004 was amended by the Finance Act 2007 (c. 11) to create new obligations on promoters to provide information in respect of tax avoidance schemes. The initial penalty under section 98C(1)(a) was amended by the Finance Act 2010 (c. 13) to include a daily penalty. The daily penalties are increased where there is a failure to provide information following the making of an order under sections 306A and 314A of the Finance Act 2004.
A full Impact Assessment of the effect that this instrument will have on the costs of business and the voluntary sector is available at http://webarchive.nationalarchives.gov.uk/20091222074811/http://hmrc.gov.uk/budget2010/strength-revise-dotas-ia-5295.pdf.

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Source: https://www.legislation.gov.uk/uksi/2010/2743 (the official version)
Page: https://openlegislation.uk/tax-avoidance-schemes-penalty-amendment-regulations-2010
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.