Yn ddilys o 11/05/2001
PenaltyU.K.
[F1F283L(1)The company is liable to a penalty where it—
(a)fraudulently or negligently makes a claim for a land remediation tax credit or a life assurance company tax credit and that claim is incorrect, or
(b)discovers that such a claim made by it (neither fraudulently nor negligently) is incorrect and does not remedy the error without unreasonable delay.
(2)The penalty is an amount not exceeding the excess land remediation tax credit or excess life assurance company tax credit claimed, that is, the difference between—
(a)the amount of the land remediation tax credit or the life assurance company tax credit claimed by the company for the accounting period to which the claim relates, and
(b)the amount of the land remediation tax credit or the life assurance company tax credit to which the company is entitled for that period.]
Textual Amendments
F1Sch. 18 Pt. 9B inserted (11.5.2001 with effect as mentioned in s. 70 of the amending Act) by virtue of 2001 c. 9, s.70, Sch. 23 para. 6
F2Sch. 18 Pt. 9B para. 83L inserted (11.5.2001 with effect as mentioned in s. 70 of the amending Act) by 2001 c. 9, s. 70, Sch. 23 para. 6