SCHEDULES
SCHEDULE 55Penalty for failure to make returns etc
Amount of penalty: occasional returns and annual returnsAmount of penalty: occasional returns and returns for periods of 6 months or more
5
(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.
(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.