The Finance Act 2008 (Penalties for Errors and Failure to Notify etc) (Consequential Amendments) Order 2010

• Citation: S.I. 2010/530
• Sections: 12

Section 1 Citation and commencement

This Order may be cited as the Finance Act 2008 (Penalties for Errors and Failure to Notify etc) (Consequential Amendments) Order 2010 and comes into force on 1st April 2010.

Section 2 Consequential amendments

The Schedule to this Order contains amendments in consequence of Schedule 24 to the Finance Act 2007 and Schedule 41 to the Finance Act 2008.

Section 1 Taxes Management Act

The Taxes Management Act 1970 is amended as follows.

Section 2 Taxes Management Act

In section 59C(4) (surcharges on unpaid income tax and capital gains tax) for “section 7 or 93(5) of this Act or Schedule 24 to the Finance Act 2007” substitute “section 93(5) of this Act, Schedule 24 to the Finance Act 2007 or Schedule 41 to the Finance Act 2008”.

Section 3 Taxes Management Act

In section 107A(2)(a) (relevant trustees)—

(a) omit “7,”, and

(b) after “Schedule 24 to the Finance Act 2007” insert “or Schedule 41 to the Finance Act 2008”.

Section 4 Finance Act 1994

In Schedule 7 to the Finance Act 1994 (insurance premium tax), in paragraph 20 omit “14(3),”.

Section 5 Value Added Tax Act 1994

In section 74(4) of the Value Added Tax Act 1994 (interest on VAT recovered or recoverable by assessment), for “section 67(2)” substitute “paragraph 2(3) of Schedule 41 to the Finance Act 2008”.

Section 6 Finance Act 1996

In Schedule 5 to the Finance Act 1996 (landfill tax)—

(a) in paragraph 27(9)(a) after “Part V of this Schedule” insert “or under Schedule 41 to the Finance Act 2008”;

(b) in paragraphs 22(4)(b) and 23(2)(b), after “Schedule 24 to the Finance Act 2007 (penalties for errors)” insert “or a penalty under Schedule 41 to the Finance Act 2008 (penalties: failure to notify and certain VAT and excise wrongdoing)”.

Section 7 Income Tax (Trading and Other Income) Act 2005

The Income Tax (Trading and Other Income) Act 2005 is amended as follows.

Section 8 Income Tax (Trading and Other Income) Act 2005

In section 54(2) (no deduction allowed for penalties, interest and VAT surcharges), at the end of the table add—

Section 9 Income Tax (Trading and Other Income) Act 2005

In section 869(4) (no deduction allowed for penalties, interest and VAT surcharges), at the end of the table add—

Section 10 Corporation Tax Act 2009

In section 1303(2) Corporation Tax Act 2009 (no deduction allowed for penalties, interest and VAT surcharges), at the end of the table add—