Finance Act 2015

This section has no associated Explanatory Notes

5(1)“The relevant time” has the meaning given by this paragraph.U.K.

(2)Where the original penalty is under Schedule 24 to FA 2007, the relevant time is—

(a)if the tax at stake as a result of the inaccuracy is income tax or capital gains tax, the beginning of the tax year to which the document containing the inaccuracy relates, and

(b)if the tax at stake as a result of the inaccuracy is inheritance tax, the time when liability to the tax first arises.

(3)Where the original penalty is for a failure to comply with an obligation specified in the table in paragraph 1 of Schedule 41 of FA 2008, the relevant time is the beginning of the tax year to which that obligation relates.

(4)Where the original penalty is [F1a penalty under paragraph 6 of [F2Schedule 55 to FA 2009] [F2that Schedule]] for a failure to make a return or deliver a document specified in the table in paragraph 1 of Schedule 55 to FA 2009, the relevant time is—

(a)if the tax at stake is income tax or capital gains tax, the beginning of the tax year to which the return or document relates, and

(b)if the tax at stake is inheritance tax, the time when liability to the tax first arises.

[F3(5)Where the original penalty is under paragraph 1 of Schedule 18 to FA 2017, the relevant time is the time when that Schedule comes into force.]

[F4(6)Where the original penalty is a penalty under paragraph 3 of Schedule 25 to FA 2021 for a failure to make a return or deliver a document specified in the table in paragraph 1 of that Schedule, the relevant time is, if the tax at stake is income tax or capital gains tax, the beginning of the tax year to which the return or document relates.]

Textual Amendments

F2Words in Sch. 21 para. 5(4) substituted (6.4.2024 for specified purposes) by Finance Act 2021 (c. 26), s. 118(2), Sch. 27 para. 44(4)(a)(ii); S.I. 2024/440, reg. 2

F3Sch. 21 para. 5(5) inserted (with effect in accordance with Sch. 18 paras. 2-13 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 18 para. 27(4)