Finance Act 1994 (c. 9)

SCHEDULES

SCHEDULE 7 U.K. Insurance premium tax

Modifications etc. (not altering text)

C1 Sch. 7 extended (19.3.1997) by 1997 c. 16, s. 50, Sch. 5 Pt. I paras. 1, 4(2)

Part IV U.K. Penalties

Criminal penalties U.K.

10 (1) A person guilty of an offence under paragraph 9(1) above shall be liable— U.K.

(a) on summary conviction, to a penalty of [F1 £20,000] or of three times the amount of the tax, whichever is the greater, or to imprisonment for a term not exceeding six months or to both;

(b) on conviction on indictment, to a penalty of any amount or to imprisonment for a term not exceeding [F2 14] years or to both.

(2) The reference in sub-paragraph (1) above to the amount of the tax shall be construed, in relation to tax itself or a payment falling within paragraph 9(2) above, as a reference to the aggregate of—

(a) the amount (if any) falsely claimed by way of credit, and

(b) the amount (if any) by which the gross amount of tax was falsely understated.

(3) A person guilty of an offence under paragraph 9(3) or (4) above shall be liable—

(a) on summary conviction, to a penalty of [F3 £20,000] or, where sub-paragraph (4) below applies, to the alternative penalty there specified if it is greater, or to imprisonment for a term not exceeding six months or to both;

(b) on conviction on indictment, to a penalty of any amount or to imprisonment for a term not exceeding [F4 14] years or to both.

(4) In a case where—

(a) the document referred to in paragraph 9(3) above is a return required under this Part of this Act, or

(b) the information referred to in paragraph 9(4) above is contained in or otherwise relevant to such a return,

the alternative penalty is a penalty equal to three times the aggregate of the amount (if any) falsely claimed by way of credit and the amount (if any) by which the gross amount of tax was understated.

(5) A person guilty of an offence under paragraph 9(5) above shall be liable—

(a) on summary conviction, to a penalty of [F5 £20,000] or (if greater) three times the amount of any tax that was or was intended to be evaded by his conduct, or to imprisonment for a term not exceeding six months or to both;

(b) on conviction on indictment, to a penalty of any amount or to imprisonment for a term not exceeding [F6 14] years or to both;

and paragraph 9(2) and sub-paragraph (2) above shall apply for the purposes of this sub-paragraph as they apply respectively for the purposes of paragraph 9(1) and sub-paragraph (1) above.

(6) A person guilty of an offence under paragraph 9(6) above shall be liable on summary conviction to a penalty of [F7 £20,000] or three times the amount of the tax, whichever is the greater.

(7) A person guilty of an offence under paragraph 9(7) above shall be liable on summary conviction to a penalty of [F8 £20,000].

(8) In this paragraph—

(a) “credit” means credit for which provision is made by regulations under section 55 of this Act;

(b) “the gross amount of tax” means the total amount of tax due before taking into account any deduction for which provision is made by regulations under section 55(3) of this Act.

Textual Amendments

F1 Sum in Sch. 7 para. 10(1)(a) substituted (12.3.2015) by The Legal Aid, Sentencing and Punishment of Offenders Act 2012 (Fines on Summary Conviction) Regulations 2015 (S.I. 2015/664), reg. 1(1), Sch. 2 para. 7(3)(a) (with reg. 5(1))

F2 Word in Sch. 7 para. 10(1)(b) substituted (22.2.2024) by Finance Act 2024 (c. 3), s. 32(1) (with s. 32(6))

F3 Sum in Sch. 7 para. 10(3)(a) substituted (12.3.2015) by The Legal Aid, Sentencing and Punishment of Offenders Act 2012 (Fines on Summary Conviction) Regulations 2015 (S.I. 2015/664), reg. 1(1), Sch. 2 para. 7(3)(b) (with reg. 5(1))

F4 Word in Sch. 7 para. 10(3)(b) substituted (22.2.2024) by Finance Act 2024 (c. 3), s. 32(1) (with s. 32(6))

F5 Sum in Sch. 7 para. 10(5)(a) substituted (12.3.2015) by The Legal Aid, Sentencing and Punishment of Offenders Act 2012 (Fines on Summary Conviction) Regulations 2015 (S.I. 2015/664), reg. 1(1), Sch. 2 para. 7(3)(c) (with reg. 5(1))

F6 Word in Sch. 7 para. 10(5)(b) substituted (22.2.2024) by Finance Act 2024 (c. 3), s. 32(1) (with s. 32(6))

F7 Sum in Sch. 7 para. 10(6) substituted (12.3.2015) by The Legal Aid, Sentencing and Punishment of Offenders Act 2012 (Fines on Summary Conviction) Regulations 2015 (S.I. 2015/664), reg. 1(1), Sch. 2 para. 7(3)(d) (with reg. 5(1))

F8 Sum in Sch. 7 para. 10(7) substituted (12.3.2015) by The Legal Aid, Sentencing and Punishment of Offenders Act 2012 (Fines on Summary Conviction) Regulations 2015 (S.I. 2015/664), reg. 1(1), Sch. 2 para. 7(3)(e) (with reg. 5(1))