Commentary

V5.356 Breach of record-keeping requirements in relation to transactions in gold

Part V5 Compliance, enforcement and appeals

V5.356 Breach of record-keeping requirements in relation to transactions in gold

V5.356 Breach of record-keeping requirements in relation to transactions in gold

A person is liable to a penalty1 if he fails to comply with a requirement of regulations2 under FA 1999 s 13(5)(a) or (b).

However, a failure does not give rise to a penalty if the person concerned either3

  1.  

    (1)     satisfies HMRC or, on appeal, a tribunal that there is a reasonable excuse4 for the conduct;

  2.  

    (2)     is convicted of an offence in respect of it;

  3.  

    (3)     is assessed to a civil penalty for dishonest conduct5 in respect of it; or

  4.  

    (4)     is assessed to a penalty for a deliberate

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