Finance Act 1982

Penalties for incorrect information etc. U.K.

10 (1) Paragraphs 8 and 9 of Schedule 2 to the principal Act (which penalise inaccurate returns etc. and are in this paragraph referred to as “the penalty provisions”) shall apply, in accordance with sub-paragraph (2) or sub-paragraph (3) below, in relation to inaccurate information— U.K.

(a) contained in an election; or

(b) furnished pursuant to a notice under paragraph 2(3) or paragraph 7(3) above; or

(c) contained in any books, accounts or documents made available as mentioned in paragraph 2(3)(b) or paragraph 7(3)(b) above.

(2) Where the inaccurate information is provided by a participator, the penalty provisions shall apply—

(a) as they apply in relation to an incorrect return under paragraph 2 of Schedule 2 to the principal Act; and

(b) as if the reference in paragraph 8(2)(a)(i) of that Schedule to the chargeable period to which the return relates were a reference to each chargeable period which falls within the period covered by the election and which is affected by any decision of the Board in connection with which the provision of the information was material.

(3) Where the incorrect information is provided by a person other than a participator, the penalty provisions shall apply—

(a) as they apply to an incorrect return under paragraph 5 of Schedule 2 to the principal Act; and

(b) as if that person were the responsible person for an oil field.