44(1)A person who fails to comply with—U.K.
(a)paragraph 26(1), or
(b)regulations under paragraph 26(3),
is liable to a penalty not exceeding the relevant sum.
(2)The relevant sum is £5,000 in respect of each scheme to which the failure relates unless the person falls within sub-paragraph (3) or (4).
(3)If the person has previously failed to comply with paragraph 26(1) or regulations under paragraph 26(3) on one (and only one) occasion during the period of 36 months ending with the date on which the current failure began, the relevant sum is £7,500 in respect of each scheme to which the current failure relates (whether or not the same as any scheme to which the previous failure relates).
(4)If the person has previously failed to comply with paragraph 26(1) or regulations under paragraph 26(3) on two or more occasions during the period of 36 months ending with the date on which the current failure began, the relevant sum is £10,000 in respect of each scheme to which the current failure relates (whether or not the same as any scheme to which any of the previous failures relates).
(5)In this paragraph “scheme” means any notifiable arrangements.
Commencement Information
I1Sch. 17 para. 44 in force at Royal Assent for specified purposes and at 1.1.2018 otherwise, see s. 66(4)