SCHEDULES
SCHEDULE 49Powers to obtain contact details for debtors
Power to change amount of penalty
6
1
If it appears to the Treasury that there has been a change in the value of money since the last relevant date, they may by regulations substitute for the sum for the time being specified in paragraph 5 such other sum as appears to them to be justified by the change.
2
In sub-paragraph (1) “relevant date” means—
a
the date on which this Act is passed, and
b
each date on which the power conferred by that sub-paragraph has been exercised.
3
Regulations under this paragraph do not apply to any failure which began before the date on which they come into force.
4
Regulations made by the Treasury under this paragraph are to be made by statutory instrument.
5
A statutory instrument containing regulations under this paragraph is subject to annulment in pursuance of a resolution of the House of Commons.