[F1[F2421JDPenalty if information not given correctlyU.K.
(1)This section applies if a return under section 421JA, or any information accompanying such a return—
(a)is given otherwise than in accordance with section 421JB, or
(b)contains a material inaccuracy—
(i)which is careless or deliberate, or
(ii)which is not corrected as required by section 421JA(6).
(2)The person in question is liable for a penalty of an amount decided by HMRC.
(3)The penalty must not exceed £5,000.
(4)For the purposes of subsection (1)(b)(i) an inaccuracy is careless if it is due to a failure by the person in question to take reasonable care.]]
Textual Amendments
F1Pt. 7 Ch. 1 substituted (with effect in accordance with Sch. 22 para. 2(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 2(1)
F2Ss. 421JA-421JF inserted (with effect in accordance with Sch. 8 para. 234 of the amending Act) by Finance Act 2014 (c. 26), Sch. 8 paras. 228, 232