Introduction Details of the Schedule Part 1 – Abolition of the Existing Regime
4.Paragraph 1 repeals the Treasury Consent legislation at section 765 of ICTA the reporting requirement at section 765A together with the offence of failure to comply with section 765 and interpretative provisions at sections 766 and 767.
5.Paragraph 2 contains consequential amendments removing section 765A from the scope of the penalty provisions relating to special returns in section 98 of the Taxes Management Act 1970 (TMA).
6.Paragraph 3 carries the effect of the repeals in paragraph 1 and 2 into the Finance Acts which have previously amended sections 765 to 767.