2(1)If a chargeable company has not, before 1st December 1997, either—U.K.
(a)given notice to the Board that it is a chargeable company, or
(b)been required by a notice under paragraph 1(1) above to deliver a return to the Board,
that company shall be liable to a penalty of an amount not exceeding the amount of the windfall tax with which it is charged.
(2)A company which—
(a)has been required by a notice under sub-paragraph (1) of paragraph 1 above to deliver a return to the Board, and
(b)fails to deliver the required return in accordance with that paragraph,
shall be liable to the penalties set out in sub-paragraph (3) below.
(3)Those penalties are—
(a)a penalty of £3,000;
(b)in a case where the required return has not been delivered by the end of three months from the relevant time, a penalty (in addition to the penalty under paragraph (a) above) of an amount not exceeding 10 per cent. of the amount of windfall tax with which that company is charged; and
(c)in a case where the required return has not been delivered by the end of six months from the relevant time, a penalty (in addition to the penalties under paragraphs (a) and (b) above) of an amount not exceeding 20 per cent. of the amount of windfall tax with which that company is charged.
(4)In sub-paragraph (3) above “the relevant time”, in relation to the delivery of a return, means the time by which that return should under paragraph 1(2) above have been delivered.