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20(1)A company which—
(a)fraudulently or negligently delivers a company tax return which is incorrect, or
(b)discovers that a company tax return delivered by it (neither fraudulently nor negligently) is incorrect and does not remedy the error without unreasonable delay,
is liable to a tax-related penalty.
(2)The penalty is an amount not exceeding the amount of tax understated, that is, the difference between—
(a)the amount of tax payable by the company for the period for which the return is made, and
(b)the amount which would have been so payable on the basis of the return delivered.
(3)In computing for this purpose the amount of tax payable, no account shall be taken of any relief under section 419(4) of the Taxes Act 1988 (relief in respect of repayment, etc. of loan) which is deferred under subsection (4A) of that section.
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