Taxes Management Act 1970 section 95

Incorrect return or accounts for income tax or capital gains tax

Section 95 has been repealed and replaced by a unified penalty regime for incorrect returns under Schedule 24 of the Finance Act 2007.

• Section 95 originally imposed penalties on taxpayers who fraudulently or negligently submitted incorrect income tax or capital gains tax returns or accounts.
• The section was repealed by the Finance Act 2007 as part of a wider reform consolidating various penalty provisions into a single framework.
• The replacement regime under Schedule 24 of the Finance Act 2007 applies penalties based on the type of inaccuracy — careless, deliberate, or deliberate and concealed — rather than the older concepts of fraud and negligence.
• Transitional provisions under SI 2008/568 governed the changeover, ensuring that returns relating to periods before 1 April 2008 (for corporation tax) or 6 April 2008 (for income tax and capital gains tax) could still be subject to the old rules where appropriate.

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