Introduction Details of the Section
2.Subsection (1) inserts new subsections (A1) and (A2) into section 282 of FA 2004 to amend the powers to make an order or regulations under Part 4 of FA 2004.
3.New subsection (A1) provides that any order or regulations made under Part 4 may have retrospective effect if they do not increase any person’s tax liability.
4.New subsection (A2) provides that the new general power in subsection (A1) does not limit other existing specific powers in Part 4 that allow an order or regulations to apply retrospectively.
5.Subsections (2)-(3) remove various existing provisions that allow an order or regulations to apply retrospectively if they do not increase any person’s tax liability. These are no longer needed if they are replaced by the new general power in subsection (A1).