Finance Act 2008 (c. 9)

SCHEDULES

SCHEDULE 40 U.K. Penalties: amendments of Schedule 24 to FA 2007

3 U.K. After that paragraph insert—

“Error in taxpayer's document attributable to another person U.K.

1A (1) A penalty is payable by a person (T) where—

(a) another person (P) gives HMRC a document of a kind listed in the Table in paragraph 1,

(b) the document contains a relevant inaccuracy, and

(c) the inaccuracy was attributable to T deliberately supplying false information to P (whether directly or indirectly), or to T deliberately withholding information from P, with the intention of the document containing the inaccuracy.

(2) A “relevant inaccuracy” is an inaccuracy which amounts to, or leads to—

(a) an understatement of a liability to tax,

(b) a false or inflated statement of a loss, or

(c) a false or inflated claim to repayment of tax.

(3) A penalty is payable under this paragraph in respect of an inaccuracy whether or not P is liable to a penalty under paragraph 1 in respect of the same inaccuracy.”

Commencement Information

I1 Sch. 40 para. 3 in force at 1.4.2009 by S.I. 2009/571, art. 2