PART IVU.K. ASSESSMENT AND CLAIMS

Modifications etc. (not altering text)

C2Pt. 4 applied (with modifications) (6.4.2004) by The Income Tax (Pay As You Earn) Regulations 2003 (S.I. 2003/2682), regs. 1, 80(5)

C4Pt. 4 applied (with modifications) (E.W.) (6.4.2009) by The Education (Student Loans) (Repayment) Regulations 2009 (S.I. 2009/470), regs. 1(1), 34 (with reg. 1(4)(6))

C5Pt. 4 applied (with modifications) (E.W.) (6.4.2009) by The Education (Student Loans) (Repayment) Regulations 2009 (S.I. 2009/470), regs. 1(1), 62(4) (with reg. 1(4)(6))

C8Pt. 4 applied (with modifications) by Social Security Contributions and Benefits Act 1992 (c. 4), s. 11A(1)(3) (as inserted (with effect in accordance with Sch. 1 para. 35 of the amending Act) by National Insurance Contributions Act 2015 (c. 5), Sch. 1 para. 3)

C9Pt. 4 applied (with modifications) by Social Security Contributions and Benefits (Northern Ireland) Act 1992 (c. 7), s. 11A(1)(3) (as inserted (with effect in accordance with Sch. 1 para. 35 of the amending Act) by National Insurance Contributions Act 2015 (c. 5), Sch. 1 para. 12)

C10Pt. 4 applied (with modifications) (with application in accordance with reg. 1 of the amending S.I.) by The Education (Postgraduate Masters Degree Loans) Regulations 2016 (S.I. 2016/606), regs. 1(1), 79(4)

C11Pts. 4, 5 applied (with modifications) (with application in accordance with reg. 1 of the amending S.I.) by The Education (Postgraduate Masters Degree Loans) Regulations 2016 (S.I. 2016/606), regs. 1(1), 44

C12Pts. 4-6 applied (22.7.2020) by Finance Act 2020 (c. 14), Sch. 16 para. 9(3)

[F130CTransfer pricing records: carelessness for the purposes of section 29U.K.

(1)This section applies where—

(a)the situation mentioned in section 29(1) has been brought about by a relevant trustee, or a person acting on their behalf, as regards a relevant year of assessment,

(b)the situation relates to the calculation of profits or losses in accordance with Part 4 of TIOPA 2010 (transfer pricing) for the purposes of that year, and

(c)the relevant person has failed to comply, in relation to specified relevant transfer pricing records that relate to the calculation, with either or both of—

(i)section 12B (records to be kept for the purposes of returns), and

(ii)an information notice (within the meaning of Schedule 36 to the Finance Act 2008 (information and inspection powers)).

(2)It is to be presumed for the purposes of section 29 that the situation mentioned in section 29(1) was brought about carelessly by the relevant trustee, or the person acting on their behalf, unless—

(a)the situation was brought about deliberately by the relevant trustee, or the person acting on their behalf, or

(b)the relevant trustee satisfies HMRC or (on an appeal notified to the tribunal) the tribunal that they, or the person acting on their behalf, took reasonable care to avoid the situation.

(3)For the purposes of this paragraph—

(a)“relevant person” means a person who was required by a notice under section 8A to make and deliver the return in respect of the relevant year of assessment;

(b)“relevant year of assessment” means a year of assessment in respect of which—

(i)the trustees of the trust concerned, together with one or more other enterprises, constitutes an MNE Group within the meaning of the Taxes (Base Erosion and Profit Shifting) (Country-by-Country Reporting) Regulations 2016 (S.I. 2016/237) (see regulation 2(3) of those Regulations), and

(ii)the MNE Group meets the threshold requirement within the meaning of those Regulations (see regulations 3(2) to (4) of those Regulations);

(c)records are “specified relevant transfer pricing records” if—

(i)they are relevant transfer pricing records specified, or of a description specified, in regulations under section 12B, and

(ii)the relevant person is required to keep and preserve those records under that section.]

Textual Amendments