Amount of penalty: occasional returns and annual returns
This section has no associated Explanatory Notes
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.