Income Tax Act 2007 section 341

Terms and conditions of accreditation

Section 341 sets out the terms and conditions that apply to accreditations granted under this Chapter, including the scope of regulations that the Treasury may make in connection with the accreditation process.

• An accreditation must be granted on terms set out in Treasury regulations and any additional terms the Secretary of State considers appropriate, and is conditional on compliance with regulatory and any other requirements the Secretary of State deems necessary.
• The conditions of accreditation can include requirements to provide information, and regulations may establish appeal procedures to the tribunal for refused accreditation applications.
• Regulations may set out the consequences of failing to comply with accreditation requirements, including withdrawal of accreditation (backdated to the time of failure or a later date) and the imposition of penalties.
• Regulations may also cover decision-making by the Secretary of State, make different provision for different cases or areas, include transitional and supplemental provisions, and extend to cover Part 7 of the Corporation Tax Act 2010.