The Finance Act 2007, Schedule 24 (Commencement and Transitional Provisions) Order 2008
This Order brings into force the provisions of Schedule 24 to the Finance Act 2007 (“Schedule 24”). It also contains savings provisions. Schedule 24 introduced a single new penalty regime for incorrect returns for income tax, corporation tax, PAYE and VAT where the penalty is determined by the amount of tax understated, the nature of the behaviour giving rise to the understatement and the extent of disclosure by the taxpayer.