SCHEDULES
C1SCHEDULE 55Penalty for failure to make returns etc
Annotations:
Modifications etc. (not altering text)
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.
Sch. 55 modified (8.4.2010) by Finance Act 2010 (c. 13), Sch. 1 para. 38