Finance Act, 1992

Amendment of section 26 (penalties generally) of Principal Act.

188.—Section 26 of the Principal Act is hereby amended—

(a) in subsection (1) (inserted by the Act of 1982):

(i) by the substitution of “, 19 or 19A” for “or 19”, and

(ii) by the substitution of “£1,200” for “£800”,

(b) in subsection (2) by the substitution of “£750” for “£500”,

(c) in subsection (2A) (inserted by the Act of 1982) by the substitution of “£750” for “£500”,

(d) in subsection (3) by the substitution of “£750” for “£500”,

(e) in subsection (3A) (inserted by the Act of 1973) by the substitution of “£1,000” for “£800”, and

(f) by the insertion of the following subsection after subsection (3A):

“(3B) A person who supplies taxable goods or services in contravention of the requirement of security specified in section 23A shall be liable to a penalty of £1,200 in respect of each such supply.”.