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Changes over time for: Cross Heading: Interaction with other penalties and late payment surcharges


Llinell Amser Newidiadau
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Version Superseded: 12/11/2024
Status:
Point in time view as at 06/04/2024.
Changes to legislation:
Finance Act 2007, Cross Heading: Interaction with other penalties and late payment surcharges is up to date with all changes known to be in force on or before 06 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.

Changes to Legislation
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Interaction with other penalties [and late payment surcharges] U.K.
12(1)The final entry in the Table in paragraph 1 excludes a document in respect of which a penalty is payable under section 98 of TMA 1970 (special returns).U.K.
(2)The amount of a penalty for which P is liable under paragraph 1 or 2 in respect of a document relating to a tax period shall be reduced by the amount of any other penalty [incurred by P, or any surcharge for late payment of tax imposed on P, if the amount of the penalty or surcharge is determined by reference to the same tax liability.]
[(2A)In sub-paragraph (2) “any other penalty” does not include a penalty under Part 4 of FA 2014 (penalty where corrective action not taken after follower notice etc) [or Schedule 22 to FA 2016 (asset-based penalty)].]
(3)In the application of section 97A of TMA 1970 (multiple penalties) no account shall be taken of a penalty under paragraph 1 or 2.
[(4)Where penalties are imposed under paragraphs 1 and 1A in respect of the same inaccuracy, the aggregate of the amounts of the penalties must not exceed the relevant percentage of the potential lost revenue.
(5)The relevant percentage is—
(a)if the penalty imposed under paragraph 1 is for an inaccuracy in category 1, 100%,
(b)if the penalty imposed under paragraph 1 is for an inaccuracy in category 2, 150%, and
(c)if the penalty imposed under paragraph 1 is for an inaccuracy in category 3, 200%.]
Textual Amendments
Modifications etc. (not altering text)
Commencement Information
Yn ôl i’r brig