Introduction Details of the Schedule
3.Paragraph 2 clarifies that the term under-assessment includes a reference to under-determination.
4.Paragraph 3 provides that only relief under section 419 of the Income and Corporation Taxes Act 1988 that is deferred under section 419(4A) of that section is to be ignored for the purposes of calculating “potential lost revenue”.
5.Paragraph 5 provides that references to assessment in Part 3 of Schedule 24 to FA 2007 are references to a determination for the purposes of inheritance tax and stamp duty reserve tax.
6.Paragraph 6 provides that it is not necessary for a person to pay the penalty under Schedule 24 to FA 2007 in order for an appeal to be heard.
7.Paragraph 7 clarifies the definition of an officer of the company for the purposes of attributing liability for a penalty.
8.Paragraph 11 provides that it is not necessary for a person to pay the penalty under Schedule 41 to FA 2008 in order for an appeal to be heard.
9.Paragraph 12 clarifies the definition of an officer of the company for the purposes of attributing liability for a penalty.
10.Paragraph 13 disapplies the assessment provisions of the Taxes Management Act 1970 in relation to certain penalty provisions contained within Finance Acts 2007, 2008 and 2009.