Finance Act 2021

29 (1) Paragraph 5 (non-compliance with Part 7 of FA 2004) is amended in accordance with sub-paragraphs (2) to (7). U.K.

(2) In the heading, for “Part 7 of FA 2004” substitute “ avoidance disclosure requirements ”.

(3) Before sub-paragraph (1) insert—

“(A1) A person meets this condition if the person fails to comply with any of the following provisions of—

(a) Part 7 of FA 2004 (disclosure of tax avoidance schemes);

(b) Schedule 17 to F(No. 2)A 2017 (disclosure of tax avoidance schemes: VAT and other indirect taxes).”

(4) In sub-paragraph (1)—

(a) for the words before paragraph (a) substitute “ The provisions of Part 7 of FA 2004 are— ”;

(b) after paragraph (c) insert—

“(ca) section 310C (duty of promoter to provide updated information);

(cb) section 312(2) (duty of promoter to notify client of reference number);”;

(c) after paragraph (d) insert—

“(e) section 316A (duty to provide additional information).”

(5) After sub-paragraph (1) insert—

“(1A) The provisions of Schedule 17 to F(No.2)A 2017 are—

(a) paragraph 11(1) (duty of promoter in relation to notifiable proposals);

(b) paragraph 21(3) (duty of promoter to provide updated information);

(c) paragraph 23(2) (duty of promoter to notify client of reference number);

(d) paragraph 27(3) (duty of promoter to provide details of clients);

(e) paragraph 33 (duty to provide additional information).”

(6) In sub-paragraph (2)—

(a) for “sub-paragraph (1)” substitute “ sub-paragraphs (1) and (1A) ”;

(b) for “that sub-paragraph” substitute “ any of those sub-paragraphs ”.

(7) In sub-paragraph (4), after “TMA 1970” insert “ or paragraph 48 of Schedule 17 to F(No.2)A 2017 ”.