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Finance Act 1998
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Changes over time for: Cross Heading: Penalty
Version Superseded: 01/04/2009
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- 28/07/2000- Amendment
- 24/07/2002
Point in time - 01/04/2009- Amendment
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Point in time view as at 24/07/2002.
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There are currently no known outstanding effects for the Finance Act 1998, Cross Heading: Penalty.
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[F1 PenaltyU.K.
Textual Amendments
F1Sch. 18 Pt. 9A (paras. 83A-83F) inserted (28.7.2000 with effect as mentioned in s. 69(1) of the amending Act) by 2000 c. 17, s. 69(2), Sch. 21 para. 4
83F(1)The company is liable to a penalty where it—U.K.
(a)fraudulently or negligently makes a claim for an R&D tax credit which is incorrect, or
(b)discovers that a claim for an R&D tax credit made by it (neither fraudulently or negligently) is incorrect and does not remedy the error without unreasonable delay.
(2)The penalty is an amount not exceeding the excess R&D tax credit claimed, that is, the difference between—
(a)the amount of the R&D tax credit to which the company is entitled for the accounting period to which the claim relates, and
(b)the amount of the R&D tax credit claimed by the company for that period.]
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