The Finance Act 2014 (Schedule 34 Prescribed Matters) Regulations 2015

• Citation: S.I. 2015/131
• Sections: 6

Section 1 Citation and commencement

These Regulations may be cited as the Finance Act 2014 (Schedule 34 Prescribed Matters) Regulations 2015 and come into force on 2nd March 2015.

Section 2 Prescribed misconduct

(1) Prescribed misconduct for the purposes of paragraph 8(1)(a) of Schedule 34 to the Finance Act 2014 means any conduct by a person—

(a) which a professional body describes as misconduct, or

(b) which is a breach of a rule or condition imposed by a professional body,

and is relevant to the provision of tax advice or tax related services.

Section 3 Prescribed action

Prescribed action for the purposes of paragraph 8(1)(b) of Schedule 34 to the Finance Act 2014 means any action by a professional body which results in any claim of misconduct being referred to—

(a) a disciplinary process which determines—

(i) the seriousness of the misconduct, and

(ii) the level of any penalty to be imposed; or

(b) a conciliation, arbitration or similar settlement process (however described) which determines the seriousness of the misconduct and the level of any penalty to be imposed.

Section 4 Prescribed penalty

A penalty is prescribed for the purposes of paragraph 8(1)(c) of Schedule 34 to the Finance Act 2014 where it is imposed by a professional body and results in one or more of the following in relation to a person—

(a) a fine or financial penalty greater than £5,000;

(b) a condition or restriction on, or attached to, a certificate or licence required to practice under the professional body;

(c) suspension, withdrawal or non-renewal of a certificate or licence required to practice under the professional body;

(d) suspension, expulsion or exclusion from membership of the professional body, however described (including removal from a membership register, striking off), whether temporary or permanent.

Section 5 Prescribed professional bodies

The following are prescribed professional bodies for the purposes of paragraph 8(3)(l) of Schedule 34 to the Finance Act 2014—

(a) the Chartered Institute of Taxation;

(b) Chartered Accountants Ireland.

Section 6 Prescribed relevant sanction

(1) In paragraph 9 of Schedule 34 to the Finance Act 2014 a sanction is prescribed under sub-paragraph (2)(b) if a regulatory authority imposes one or more of the following in relation to a person—

(a) a fine or financial penalty;

(b) a suspension of an approval issued by the regulatory authority to perform any function to which the approval relates;

(c) the imposition of limitations or other restrictions in relation to the performance of any function to which any approval issued by the regulatory authority relates;

(d) the imposition of any conditions in relation to any approval issued by the regulatory authority.

(2) A sanction is also prescribed in relation to a person if a regulatory authority publishes a statement of misconduct by that person.