Posted: 16 August 2010
Issue: Vol 166, Issue 4268
Categories: In brief, News, Admin, Avoidance

Draft of Tax Avoidance Schemes (Penalty) (Amendment) Regulations 2010

A draft of the Tax Avoidance Schemes (Penalty) (Amendment) Regulations 2010 and an explanatory memorandum have been published.

These regulations amend the Tax Avoidance Schemes (Penalty) Regulations SI 2007 No 3104, which increased the maximum penalties for failure to comply with certain disclosure obligations from £600 to £5,000 per day where the tribunal has made a disclosure order.

The draft amendment regulations prescribe similar increased maximum amounts in similar circumstances for new penalties introduced in FA 2010.

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