SCHEDULES
SCHEDULE 35Promoters of tax avoidance schemes: penalties
Power to change amount of penalties
5
(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 sums for the time being specified in paragraph 2, 3 or 4 such other sums as appear to them to be justified by the change.
(2)
Regulations under sub-paragraph (1) may include any amendment of paragraph 10(b) that is appropriate in consequence of an amendment made by virtue of sub-paragraph (1).
(3)
The “relevant date”, in relation to a specified sum, means—
(a)
the date on which this Act is passed, and
(b)
each date on which the power conferred by sub-paragraph (1) has been exercised in relation to that sum.