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In force since 2024-03-26, as the publisher states.
Copy read on 2026-11-10. The page it was read from
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.
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2024 No. 440 (C. 25) Income Tax Capital Gains Tax The Finance Act 2021 (Income Tax and Capital Gains Tax) (Penalties) (Appointed Day: Eligible Volunteers) Regulations 2024 Made 26th March 2024 The Treasury make these Regulations in exercise of the powers conferred by sections 116(3) and (4), 117(2) and (3) and 118(2) and (3) of the Finance Act 2021 and section 37 of the Finance Act 2024.
Propose a changeThese Regulations may be cited as the Finance Act 2021 (Income Tax and Capital Gains Tax) (Penalties) (Appointed Day: Eligible Volunteers) Regulations 2024.
Propose a change(1) 6th April 2024 is the day appointed for the coming into force of Schedules 24, 25 and 27 to the Finance Act 2021 (penalties for failure to make returns or deliberately withholding information and consequential amendments) for the purposes of failures by eligible volunteers in relation to returns which— (a) are required to be made in respect of persons other than trustees or partnerships in relation to the tax year 2024-25 or any subsequent tax year, and (b) fall within— (i) item 1 of the Table in paragraph 2 of Schedule 24, or (ii) item 1 of the Table in paragraph 1 of Schedule 25. (2) 6th April 2024 is the day appointed for the coming into force of Schedules 26 and 27 to the Finance Act 2021 (penalties for failure to pay tax and consequential amendments) for the purposes of failures by eligible volunteers in relation to payments of the tax due on or before the specified date which— (a) are payable in respect of persons other than trustees or partnerships in relation to the tax year 2024-25 or any subsequent tax year, and (b) fall within the table relating to income tax or capital gains tax in paragraph 1 of Schedule 26.
Propose a change(1) An individual may elect to be an eligible volunteer. (2) An election must— (a) be made to an officer of Revenue and Customs, (b) specify the first tax year in which it applies, and (c) be made before the end of that tax year. (3) Once made, an election cannot be revoked by the individual. (4) An election has effect only if accepted by an officer of Revenue and Customs giving notice in writing to the individual. (5) Once an election has been accepted it has effect for the tax year specified in paragraph (2)(b) or, if later, the tax year in which the election is accepted, and subsequent tax years. (6) An election ceases to have effect upon an officer of Revenue and Customs giving notice in writing to the individual. (7) An election that ceases to have effect is treated as never having had effect, other than for the purposes of any failure in respect of which His Majesty’s Revenue and Customs have already assessed a penalty.
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