[F113D(1)P is liable to a penalty under this paragraph if (and only if) P's failure continues after the end of the period of 6 months beginning with the penalty date.U.K.
(2)The penalty under this paragraph is the greater of—
(a)5% of any liability to tax which would have been shown in the return in question, and
(b)£300.]
Textual Amendments
F1Sch. 55 paras. 13A-13J and cross-headings inserted (12.2.2019 for specified purposes) by Finance (No. 3) Act 2010 (c. 33), s. 26(2), Sch. 10 para. 7 (as amended (17.7.2014) by Finance Act 2014 (c. 26), Sch. 22 para. 21(3); (12.2.2019) by Finance Act 2019 (c. 1), s. 67(1); and (10.12.2021 for specified purposes and with effect in accordance with s. 85(1)(b) of the amending Act) by Finance Act 2021 (c. 26), s. 85(1)(a), Sch. para. 3(1); S.I. 2021/1409, reg. 3); 2019 c. 1, s. 67(2)