Section 14C: Duty, excise duty and tax liability of principal

14C. Duty, excise duty and tax liability of principal officer of private company (1) The principal officer of a private company shall – (a) be answerable for the doing of all such things as are required to be done by that company under this Act; Acts 2020 201 (b) be required to retain sufficient money or property of the company in order to pay duty, excise duty and taxes which is, are or will become payable by that company; and (c) be personally liable in respect of the duty, excise duty and taxes payable by that company to the extent of any amount he has or should have retained under paragraph (b). (2) In this section – “principal officer”, in relation to a private company, means the executive director or any other person who exercises or who is entitled to exercise or who controls or who is entitled to control, the exercise of powers which would fall to be exercised by the Board of directors; “private company” has the same meaning as in the Companies Act. (c) in section 24A(1) – (i) by deleting the words “section 15, 19, 20 or 24 of this Act” and replacing them by the words “section 9A, 15, 19, 20, 24, 49 or 156A of this Act”; (ii) by inserting, after the words “the Excise Act”, the words “or regulation 20A of the Customs Regulations 1989”; (d) by inserting, after section 30, the following new section –