SCHEDULE 55Penalty for failure to make returns etc
Interaction with other penalties and late payment surcharges
17
(1)
Where P is liable for a penalty under any paragraph of this Schedule which is determined by reference to a liability to tax, the amount of that penalty is to be reduced by the amount of any other penalty incurred by P, if the amount of the penalty is determined by reference to the same liability to tax.
(2)
In sub-paragraph (1) the reference to “any other penalty” does not include—
(a)
a penalty under any other paragraph of this Schedule, or
(b)
a penalty under Schedule 56 (penalty for late payment of tax)F1, or
(c)
a penalty under Part 4 of FA 2014 (penalty where corrective action not taken after follower notice etc) F2or
(d)
a penalty under Schedule 22 to FA 2016 (asset-based penalty).
(3)
F4(4)
The relevant percentage is—
(a)
if one of the penalties is a penalty under paragraph 6(3) or (4) and the information withheld is category 3 information, 200%,
(b)
if one of the penalties is a penalty under paragraph 6(3) or (4) and the information withheld is category 2 information, 150%, and
(c)
in all other cases, 100%.