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Changes over time for: Cross Heading: Penalty for fraud or negligence


Llinell Amser Newidiadau
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Version Superseded: 01/04/2008
Status:
Point in time view as at 22/07/2004.
Changes to legislation:
There are currently no known outstanding effects for the Finance Act 1998, Cross Heading: Penalty for fraud or negligence.

Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
Penalty for fraud or negligenceU.K.
89(1)A company which fraudulently or negligently—U.K.
(a)makes any incorrect return, statement or declaration in connection with a claim for any allowance, deduction or relief in respect of tax, or
(b)submits to the Inland Revenue, or to the Special or General Commissioners, any incorrect accounts in connection with ascertainment of the company’s tax liability,
is liable to a tax-related penalty.
(2)The penalty is an amount not exceeding the amount of tax understated, that is, the difference between—
(a)the amount of tax payable by the company for the accounting period or periods to which the claim or accounts relate, and
(b)the amount which would have been so payable on the basis of the return, statement or declaration made, or the accounts submitted.
(3)In computing for this purpose the amount of tax payable, no account shall be taken of any relief under section 419(4) of the Taxes Act 1988 (relief in respect of repayment, etc. of loan) which is deferred under subsection (4A) of that section.
(4)For the purposes of this paragraph any accounts submitted on behalf of a company shall be taken to be submitted by it unless the company proves that they were submitted without its consent or connivance.
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