SCHEDULES
SCHEDULE 41Penalties: failure to notify and certain VAT and excise wrongdoing
Special reduction
14
(1)
If HMRC think it right because of special circumstances, they may reduce a penalty under any of paragraphs 1 to 4.
(2)
In sub-paragraph (1) “special circumstances” does not include—
(a)
ability to pay, or
(b)
the fact that a potential loss of revenue from one taxpayer is balanced by a potential over-payment by another.
(3)
In sub-paragraph (1) the reference to reducing a penalty includes a reference to—
(a)
staying a penalty, and
(b)
agreeing a compromise in relation to proceedings for a penalty.