SCHEDULES

C1SCHEDULE 55Penalty for failure to make returns etc

Annotations:
Modifications etc. (not altering text)
C1

Sch. 55 modified (8.4.2010) by Finance Act 2010 (c. 13), Sch. 1 para. 38

Special reduction

I116

1

If HMRC think it right because of special circumstances, they may reduce a penalty under any paragraph of this Schedule.

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.