Part 3 Amendments Relating to Corporation Tax and Income Tax
Finance (No 2) Act 2023 (2023 c 30) | Legislation

Part 3 Amendments Relating to Corporation Tax and Income Tax

Penalties for errors

5

(1)     Schedule 24 to FA 2007 (penalties for errors) is amended as follows.

(2)     In Part 1 (liability for penalty), after paragraph 3B insert—

“Errors related to transfer pricing records

3C

(1)     This paragraph applies where—

(a)     a document of a kind listed in the Table in paragraph 1 relating to a relevant tax period is given to HMRC by a person (“Pâ€),

(b)     the document contains an inaccuracy—

(i)     which falls within paragraph 1(2), and

(ii)     which involves the calculation of profits or losses in accordance with Part 4 of TIOPA 2010 (transfer pricing) for the purposes of that period, and

(c)     the relevant person (whether or not P) failed to comply, in relation to specified relevant transfer pricing records that relate to the inaccuracy, with one or more of—

(i)     section 12B of TMA 1970 (records to be kept for the purposes of returns),

(ii)     paragraph 21 of Schedule 18 to FA 1998 (duty to keep and preserve records), and

(iii)     an information notice (within the meaning of Schedule 36 to FA 2008 (information and inspection powers)).

(2)

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