The Education (Postgraduate Master’s Degree Loans) Regulations 2016

Penalties

50.—(1) Schedule 55 to the Finance Act 2009 (penalty for failure to make returns etc) applies—

(a) in relation to a return or other document which is required to be made or delivered to HMRC for a tax year;

(b) which falls within item 1 of the Table in paragraph 1 of that Schedule; and

(c) which is required to include information under regulation 40,

as it applies to income tax on that same return.

(2) The references to liability to tax in Schedule 55 to the Finance Act 2009 are construed as references to aggregate of the amounts which, if a proper return had been delivered on the filing date, would have been payable—

(a) by the taxpayer under section 59B of the 1970 Act (payment of income tax and capital gains tax); and

(b) where the taxpayer is a borrower, by way of repayment under regulation 39.

(3) Schedule 24 to the Finance Act 2007 (penalties for errors) applies—

(a) in relation to anything done for the purposes of or in connection with the ascertainment of liability of a borrower to make a repayment under this Chapter as it applies for the purposes of or in connection with the ascertainment of liability to income tax; and

(b) in the case of returns, statements, declarations, accounts, information or documents for the purposes of repayments under this Chapter as it applies for the purposes of income tax.