Finance Act, 1982

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Amendment of certain provisions of Tax Acts relating to penalties.

60.—(1) Where, after the passing of this Act (but with respect to any year of assessment, or, as the case may be, accounting period, whether ending before or ending after such passing), an act or omission occurs in respect of which a person would, but for this subsection, have incurred the penalty or penalties provided for in any provision of the Tax Acts specified in column (2) of the Table to this subsection at any reference number, the person shall, in lieu of the penalty or penalties so provided for, be liable to the penalty specified in column (3) of the said Table at that reference number and that provision shall be construed and have effect accordingly.

TABLE

(2) In relation to acts or omissions to which subsection (1) applies, the Income Tax Act, 1967 , is hereby amended—

(a) in section 128—

(i) in subsection (1), by the deletion of “, to gether with, in the case of a continuing non-compliance, a penalty of the like amount for every day on which the noncompliance is continued”, and

(ii) by the deletion of subsection (3),

(b) in section 173—

(i) in subsection (6), by the deletion of “, together with, in the case of a continuing non-compliance, a penalty of the like amount for every day on which the noncompliance is continued”, and

(ii) by the deletion of subsection (8),

(c) in section 426 (3), by the substitution for “forfeit a sum not exceeding” of “be liable to a penalty of”, and

(d) in section 500—

(i) in subsection (1), by the deletion of “and, if the failure continues after judgment has been given by the court before which proceedings for the penalty have been commenced, to a further penalty of £10 for each day on which the failure so continues”, and

(ii) in subsection (2), by the substitution for “first of the penalties” of “penalty”.