Finance Act 2003

Part 1 U.K. General

Introductory U.K.

1 U.K. In this Schedule—

(a) references to a self-certificate are to a certificate by the purchaser that no land transaction return is required in respect of the transaction, and

(b) references to the date on which a self-certificate was produced are to the date on which it was produced to the registrar (in Scotland, to the Keeper of the Registers of Scotland).

Form and contents of self-certificate U.K.

2 (1) A self-certificate must— U.K.

(a) be in the prescribed form,

(b) contain the prescribed information, and

(c) include a declaration by the purchaser (or each of them) that the certificate is to the best of his knowledge correct and complete.

(2) In sub-paragraph (1) “prescribed” means prescribed by regulations made by the Inland Revenue.

(3) The regulations may make different provision for different kinds of self-certificate.

Tax-related penalty for fraud or negligence U.K.

3 (1) A person who— U.K.

(a) fraudulently or negligently gives a self-certificate in respect of a chargeable transaction, or

(b) discovers that a transaction in respect of which he has given a self-certificate (neither fraudulently nor negligently) is a chargeable transaction and does not remedy the error without unreasonable delay,

is liable to a tax-related penalty.

(2) The penalty is an amount not exceeding the amount of tax chargeable in respect of the transaction.