Finance Act 2024

37 Commencement of rules imposing penalties for failure to make returns etc

(1) Regulations made by the Treasury under any of the powers in sections 116, 117 or 118 of FA 2021 may provide for any provision of Schedules 24 to 27 to that Act (penalties for failure to make returns etc or pay tax) to come into force for the purposes of failures by eligible volunteers.

(2) An eligible volunteer is an individual in respect of whom an election has effect under the regulations.

(3) The regulations may in particular—

(a) provide for an election to take effect only if accepted by an officer of Revenue and Customs;

(b) provide that an election may not be revoked by the individual;

(c) provide that an election ceases to have effect upon an officer of Revenue and Customs giving notice to the individual;

(d) make provision about the consequences of an election ceasing to have effect.

(4) The provision that may be made by virtue of subsection (3)(d) includes provision for an election that ceases to have effect to be treated as never having had effect, other than for the purposes of any failure in respect of which His Majesty’s Revenue and Customs have already assessed a penalty.