Finance Act 2026
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Change 1
269 Modification
(1) If a decision is taken to change an aspect of an investment project for which an advance tax clearance binds HMRC from how it is described in the clearance, or if anything which is set out in the clearance and is material to it ceases to be accurate— (a) the nominated person must notify an HMRC officer as soon as reasonably practicable after the decision was taken or the thing ceased to be accurate, and (b) an HMRC officer may, if the officer considers it appropriate, modify or revoke the clearance. (2) A modification under subsection (1)— (a) may— (i) revoke any part of the clearance; (ii) otherwise adapt the clearance; (b) does not alter the period for which a clearance binds HMRC. (3) An HMRC officer may also modify a clearance so that it specifies a person as regards whom it is binding instead of describing the person. (4) A modification or revocation under subsection (1) or (3)— (a) may be made on the application of the nominated person or by an HMRC officer on the officer’s own initiative; (b) takes effect from such time (which may be any time at or after the time at which the clearance was given) as the HMRC officer may determine. (5) A nominated person is liable to a penalty of £5,000 if the person fails to comply with the duty under subsection (1)(a).
269 Modification
(1) If a decision is taken to change an aspect of an investment project for which an advance tax clearance binds HMRC from how it is described in the clearance, or if anything which is set out in the clearance and is material to it ceases to be accurate— (a) the nominated person must notify an HMRC officer as soon as reasonably practicable after the decision was taken or the thing ceased to be accurate, and (b) an HMRC officer may, if the officer considers it appropriate, modify or revoke the clearance. (2) A modification under subsection (1)— (a) may— (i) revoke any part of the clearance; (ii) otherwise adapt the clearance; (b) does not alter the period for which a clearance binds HMRC. (3) An HMRC officer may also modify a clearance so that it specifies a person as regards whom it is binding instead of describing the person. (4) A modification or revocation under subsection (1) or (3)— (a) may be made on the application of the nominated person or by an HMRC officer on the officer’s own initiative; (b) takes effect from such time (which may be any time at or after the time at which the clearance was given) as the HMRC officer may determine. (5) A nominated person is liable to a penalty of £5,000 if the person fails to comply with the duty under subsection (1)(a).
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