Finance Act, 1992

Amendment of certain provisions of Tax Acts, etc., relating to penalties.

248.—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 section, have incurred the penalty or penalties provided for in any provision of the Tax Acts or Part VI of the Finance Act, 1983 , specified in column (2) of the Table to this section at any reference number, the person shall, in lieu of the penalty or penalties so provided for be liable to a penalty specified in column (3) of the said Table at that reference number and that provision shall be construed and have effect accordingly.

TABLE

Reference Number

Provision of the Tax Acts, etc.

Penalty.

(1)

(2)

(3)

£

1.

Section 128 (1A) of the Income Tax Act, 1967

750

2.

Section 173 (6) of the Income Tax Act, 1967

1,200

3.

Section 426 (3) of the Income Tax Act, 1967

750

4.

Section 500 (1) of the Income Tax Act, 1967

750

5.

Section 500 (2) of the Income Tax Act, 1967

1,200

6.

Section 31 (5) of the Finance Act, 1979

1,000

7.

Section 45 (8) of the Finance Act, 1980

1,200

8.

Section 112 (1) (a) of the Finance Act, 1983

1,200

9.

Section 112 (3) of the Finance Act, 1983

2,500