(1)At the end of section 428 of ITA 2007 insert—
“(5)The regulations may also make provision—
(a)for the imposition of a penalty of a specified amount (which must not exceed £3000) for a failure to comply with a specified requirement imposed by the regulations,
(b)for the assessment and recovery of the penalty (which may include provision about the reduction of the penalty in specified circumstances), and
(c)conferring a right of appeal against a decision that a penalty is payable.”
(2)The amendment made by this section comes into force on such day as the Treasury may by regulations made by statutory instrument appoint.