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Amendment of Part 38 of Principal Act (returns of income and gains, other obligations, etc.)
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86. Part 38 of the Principal Act is amended—
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(a) in section 891E—
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(i) in subsection (8)—
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(I) in paragraph (a), by the substitution of “Subject to subsection (8A), section 898O” for “Section 898O”, and
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(II) in paragraph (b), by the substitution of “Subject to subsection (8A), a person who” for “A person who”,
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and
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(ii) by the insertion of the following subsection after subsection (8)—
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“(8A) (a) Where a trust or partnership would, but for the operation of this subsection, be liable to a penalty pursuant to paragraph (a) or (b) of subsection (8), the liable person of the trust or partnership shall be liable to the penalty.
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(b) For the purpose of paragraph (a), and subject to paragraph (c), ‘liable person’ means, in relation to—
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(i) a partnership, the precedent partner (within the meaning of section 1007) of the partnership,
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(ii) a trust which is not an investment undertaking, the trustees of the trust, and
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(iii) a trust which is an investment undertaking, the trustees of the trust, the management company or other such person, as the case may be, who, in the circumstances of the investment undertaking concerned—
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(I) is authorised to act on behalf, or for the purposes, of the investment undertaking in respect of its investment activities, and
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(II) habitually does so.
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(c) Where a liable person identified pursuant to paragraph (b) is a partnership or trust, paragraph (b) shall be applied in respect of the partnership or trust until a liable person who is not a partnership or trust is identified pursuant to that paragraph.
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(d) In this subsection, ‘investment undertaking’ has the same meaning as it has in section 739B.”,
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(b) in section 891F—
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(i) in subsection (7)—
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(I) in paragraph (a), by the substitution of “Subject to subsection (7A), section 898O” for “Section 898O”, and
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(II) in paragraph (b), by the substitution of “Subject to subsection (7A), a person who” for “A person who”,
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and
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(ii) by the insertion of the following subsection after subsection (7)—
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“(7A) (a) Where a trust or partnership would, but for the operation of this subsection, be liable to a penalty pursuant to paragraph (a) or (b) of subsection (7), the liable person of the trust or partnership shall be liable to the penalty.
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(b) For the purpose of paragraph (a), and subject to paragraph (c), ‘liable person’ means, in relation to—
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(i) a partnership, the precedent partner (within the meaning of section 1007) of the partnership,
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(ii) a trust which is not an investment undertaking, the trustees of the trust, and
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(iii) a trust which is an investment undertaking, the trustees of the trust, the management company or other such person, as the case may be, who in the circumstances of the investment undertaking concerned—
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(I) is authorised to act on behalf, or for the purposes, of the investment undertaking in respect of its investment activities, and
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(II) habitually does so.
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(c) Where a liable person identified pursuant to paragraph (b) is a partnership or trust, paragraph (b) shall be applied in respect of the partnership or trust until a liable person who is not a partnership or trust is identified pursuant to that paragraph.
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(d) In this subsection, ‘investment undertaking’ has the same meaning as it has in section 739B.”,
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and
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(c) in section 891G—
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(i) in subsection (7)—
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(I) in paragraph (a), by the substitution of “Subject to subsection (7A), section 898O” for “Section 898O”, and
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(II) in paragraph (b), by the substitution of “Subject to subsection (7A), a person who” for “A person who”,
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and
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(ii) by the insertion of the following subsection after subsection (7)—
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“(7A) (a) Where a trust or partnership would, but for the operation of this subsection, be liable to a penalty pursuant to paragraph (a) or (b) of subsection (7), the liable person of the trust or partnership shall be liable to the penalty.
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(b) For the purpose of paragraph (a), and subject to paragraph (c), ‘liable person’ means, in relation to—
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(i) a partnership, the precedent partner (within the meaning of section 1007) of the partnership,
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(ii) a trust which is not an investment undertaking, the trustees of the trust, and
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(iii) a trust which is an investment undertaking, the trustees of the trust, the management company or other such person, as the case may be, who in the circumstances of the investment undertaking concerned—
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(I) is authorised to act on behalf, or for the purposes, of the investment undertaking in respect of its investment activities, and
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(II) habitually does so.
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(c) Where a liable person identified pursuant to paragraph (b) is a partnership or trust, paragraph (b) shall be applied in respect of the partnership or trust until a liable person who is not a partnership or trust is identified pursuant to that paragraph.
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(d) In this subsection, ‘investment undertaking’ has the same meaning as it has in section 739B.”.
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