21 Directions to keep records where belief VAT might not be paid
Finance Act 2006 (2006 c 25) | Legislation

21  Directions to keep records where belief VAT might not be paid

(1)     VATA 1994 is amended as follows.

(2)     After section 69A (breach of record-keeping requirements etc in relation to transactions in gold) insert—

“69B Breach of record-keeping requirements imposed by directions

(1)     If any person fails to comply with a requirement imposed under paragraph 6A(1) of Schedule 11, the person is liable to a penalty.

(2)     The amount of the penalty is equal to £200 multiplied by the number of days on which the failure continues (up to a maximum of 30 days).

(3)     If any person fails to comply with a requirement to preserve records imposed under paragraph 6A(6) of Schedule 11, the person is liable to a penalty of £500.

(4)     If it appears to the Treasury that there has been a change in the value of money since—

(a)     the day on which the Finance Act 2006 is passed, or

(b)     (if later) the last occasion when the power conferred by this subsection was exercised,

they may by order substitute

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