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Finance Act 2014
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- UK Public General Acts
- 2014 c. 26
- SCHEDULE 35
- Paragraph 5
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Power to change amount of penalties
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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.
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