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Finance Act 2003

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Changes over time for: Paragraph 7

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No versions valid at: 10/04/2003

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Point in time view as at 10/04/2003. This version of this cross heading contains provisions that are not valid for this point in time. Help about Status

Changes to legislation:

Finance Act 2003, Paragraph 7 is up to date with all changes known to be in force on or before 07 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

Yn ddilys o 10/07/2003

7(1)Where the responsible partners are liable—U.K.

(a)to make a payment of tax or to interest on unpaid tax,

(b)to make a payment in accordance with an assessment under paragraph 29 of Schedule 10 (recovery of excessive repayment), or

(c)to a penalty under this Part of this Act or to interest on such a penalty,

the liability is a joint and several liability of those partners.

(2)No amount may be recovered by virtue of sub-paragraph (1)(c) from a person who did not become a responsible partner until after the relevant time.

(3)The relevant time for this purpose is—

(a)in relation to so much of a penalty as is payable in respect of any day, or to interest on so much of a penalty as is so payable, the beginning of that day;

(b)in relation to any other penalty, or interest on such a penalty, the time when the act or omission occurred that caused the penalty to become payable.

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