Search Legislation

Finance Act 1998

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Changes over time for: Cross Heading: Penalty

 Help about opening options

Version Superseded: 01/04/2009

Alternative versions:

Status:

Point in time view as at 24/07/2002.

Changes to legislation:

There are currently no known outstanding effects for the Finance Act 1998, Cross Heading: Penalty. Help about Changes to Legislation

[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.]

Back to top

Options/Help