295 Amendments to penalty regime
Finance Act 2004 (2004 c 12) | Legislation

295  Amendments to penalty regime

(1)     The Inheritance Tax Act 1984 (c 51) is amended as specified in subsections (2) to (4).

(2)     In section 245 (failure to deliver accounts)—

(a)     in subsections (2)(a) and (3), for “not exceeding” substitute “of”;

(b)     after subsection (4) insert—

“(4A)     Without prejudice to any penalties under subsections (2) and (3) above, if—

(a)     the failure by the taxpayer to deliver the account continues after the anniversary of the end of the period given by section 216(6) or (7) (whichever is applicable), and

(b)     there would have been a liability to tax shown in the account,

the taxpayer shall be liable to a penalty of an amount not exceeding £3,000.”

(3)     In section 245A (failure to provide information etc)—

(a)     after subsection (1A) insert—

“(1B)     Without prejudice to any penalties under subsection (1A) above, if a person continues to fail to comply with the requirements of section 218A after the

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