[98C Notification under Part 7 of Finance Act 2004]
Taxes Management Act 1970 (1970 c 9) | Legislation

[98C  Notification under Part 7 of Finance Act 2004]

[(1)     A person who fails to comply with any of the provisions of Part 7 of the Finance Act 2004 (disclosure of tax avoidance schemes) mentioned in subsection (2) below shall be liable—

(a)     to a penalty not exceeding

[(i)     in the case of a provision mentioned in paragraph (a), (b)[, (c)][, (ca) or (cc)] of that subsection, £600 for each day during the initial period (but see also subsections (2A), (2B) and (2ZC) below), and

(ii)     in any other case, £5,000], and

(b)     if the failure continues after a penalty is imposed under paragraph (a) above, to a further penalty or penalties not exceeding £600 for each day on which the failure continues after the day on which the penalty under paragraph (a) was imposed (but excluding any day for which a penalty under this paragraph has already been imposed).

(2)     Those provisions are—

(a)     section 308(1) and (3) (duty of promoter in relation to notifiable proposals and notifiable arrangements),

(b)     section 309(1) (duty of person dealing with promoter outside United Kingdom),

(c)     section 310 (duty of parties to notifiable arrangements not involving promoter), . . .

[(ca)     section 310A (duty

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