Finance Act 2004
Information in respect of certain tax expenditures. |
86.—(1) Chapter 3 of Part 38 of the Principal Act is amended by inserting the following after section 897: | |||
| ||||
(2) Section 1052(1) of the Principal Act is amended— | ||||
(a) by substituting “precept,” for “precept, or” in paragraph (a), and | ||||
(b) by inserting the following after paragraph (a): | ||||
“(aa) has delivered a return in the prescribed form for the purposes of any of the provisions specified in column 1 or 2 of Schedule 29 and has failed to include on the prescribed form the details required by that form in relation to any exemption, allowance, deduction, credit or other relief the person is claiming (in this paragraph referred to as the ‘specified details’) where the specified details are stated on the form to be details to which this paragraph refers; but this paragraph shall not apply unless, after the return has been delivered, it had come to the person's notice or had been brought to the person's attention that specified details had not been included on the form and the person failed to remedy matters without unreasonable delay, or”. | ||||
(3) Section 1084 of the Principal Act is amended— | ||||
(a) in subsection (1)(b) by inserting the following after subparagraph (ia): | ||||
“(ib) where a person delivers a return of income for a chargeable period (within the meaning of section 321(2)) and fails to include on the prescribed form the details required by the form in relation to any exemption, allowance, deduction, credit or other relief the person is claiming (in this subparagraph referred to as the ‘specified details’) and the specified details are stated on the form to be details to which this subparagraph refers, then, without prejudice to any other basis on which a person may be liable to the surcharge referred to in subsection (2), the person shall be deemed to have failed to deliver the return of income on or before the specified return date for the chargeable period and to have delivered the return of income before the expiry of 2 months from that specified return date; but this subparagraph shall not apply unless, after the return has been delivered, it had come to the person's notice or had been brought to the person's attention that specified details had not been included on the form and the person failed to remedy matters without unreasonable delay,”, | ||||
and | ||||
(b) in subsection (2)(a) by substituting “and, except where the surcharge arises by virtue of subparagraph (ib) of subsection (1)(b), if the tax contained in the assessment is not the amount of tax as so increased,” for “and, if the tax contained in the assessment is not the amount of tax as so increased,”. | ||||
(4) Section 1085 of the Principal Act is amended in subsection (1)(b) by substituting “(ia), (ib),” for “(ia),”. | ||||
(5) (a) Subsection (1) applies as respects the year of assessment 2005 and subsequent years of assessment. | ||||
(b) Subsections (2) to (4) apply as respects any chargeable period (within the meaning of section 321(2) of the Principal Act) commencing on or after 1 January 2004. |