SCHEDULES

C1C3C2SCHEDULE 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

Interaction with other penalties and late payment surcharges

I1C3C217

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).

3

Where P is liable for a penalty under more than one paragraph of this Schedule which is determined by reference to a liability to tax, the aggregate of the amounts of those penalties must not exceed F1100%F1the relevant percentage of the liability to tax.

F24

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%.