The Tax Avoidance Schemes (Penalty) Regulations 2007

• Citation: S.I. 2007/3104
• Sections: 4

Section 1 Citation and commencement

These Regulations may be cited as the Tax Avoidance Schemes (Penalty) Regulations 2007 and shall come into force 21 days after they are made.

Section 2 Interpretation

In these Regulations—

“ FA 2004 ” means the Finance Act 2004; and

“ TMA 1970 ” means the Taxes Management Act 1970.

Section 3 Increased penalty following the making of an order under section 306A of FA 2004

Where a penalty is imposed under section 98C(1) of TMA 1970 following the making of an order under section 306A of FA 2004 , the amount specified in section 98C(1)(b) of TMA 1970 (daily penalty) is increased to £5,000.

Section 4 Increased penalty following the making of an order under section 314A of FA 2004

Where a penalty is imposed under section 98C(1) of TMA 1970 following the making of an order under section 314A of FA 2004 , the amount specified in section 98C(1)(b) of TMA 1970 is increased to £5,000.