SCHEDULE 2Alternative provision as to penalties in cases of disapplication of section 85(1) of the 2012 Act

Finance Act 2001 (c.9)I112

1

The Finance Act 2001 is amended as follows.

2

In section 26 (security for levy), in subsection (4), for “level 5 on the standard scale” substitute “£20,000”.

3

In Schedule 6 (aggregates levy: evasion, misdeclaration and neglect)—

a

in paragraph 1(3)(a), for “the statutory maximum” substitute “£20,000”;

b

in paragraph 1(4), for “the statutory maximum” (in each place where it occurs) substitute “the amount of £5,000 mentioned in paragraph 1(3)(a)”;

c

in paragraph 2(3)(a), for “the statutory maximum” substitute “£20,000”;

d

in paragraph 2(4) (in the words following paragraph (b)), for “the statutory maximum” substitute “the amount of £20,000 mentioned in sub-paragraph (3)(a)”;

e

in paragraph 3(3)(a), for “the statutory maximum” substitute “£20,000”;

f

in paragraph 3(4), for “the statutory maximum” (in each place where it occurs) substitute “the amount of £20,000 mentioned in sub-paragraph (3)(a)”;

g

in paragraph 4(2), for “level 5 on the standard scale” substitute “£20,000”;

h

in paragraph 4(3), for “level 5 on the standard scale” (in each place where it occurs) substitute “the amount of £20,000 mentioned in sub-paragraph (2)”.