The Co-ownership Authorised Contractual Schemes (Tax) Regulations 2017

Penalty for failing to provide information following notice

9.—(1) An operator of a CoACS that fails to comply with regulation 7 is liable to a penalty not exceeding £3000 determined in accordance with section 100 of TMA 1970(1).

(2) Sections 100A, 100B, 102, 103(4) and 118(2) of TMA 1970(2) apply to a penalty determined in accordance with paragraph (1).

(1)

1970 c. 9. Section 100 was substituted by section 167 of the Finance Act 1989 (c. 26) and amended by paragraph 3(2) of Schedule 11 to the Finance Act 1990 (c. 29), paragraph 38 of the Finance Act 1998 (c. 36), section 315(2) of the Finance Act 2004 (c. 12), section 18 of the Finance Act 2015 (c. 11) and S.I. 1994/1813 and 2011/702.

(2)

Sections 100A and 100B were inserted and section 103 was substituted by section 169 of the Finance Act 1989. Section 100A was amended by paragraph 29(b) of Schedule 24 and Part 5(5) of Schedule 27 to the Finance Act 2007 (c. 11). Section 100B was amended by S.I. 2009/56 and 2011/702. Section 102 was amended by section 168(4) of the Finance Act 1989. Section 103(4) was amended by paragraph 48 of Schedule 38 to the Finance Act 2012 (c. 14) and S.I. 2009/56. Section 118(2) was amended by Part 8 of Schedule 8 to the Finance Act 1970 (c. 24), section 94 of the Finance (No. 2) Act 1987 (c. 51) and S.I. 2009/56.