SCHEDULES
SCHEDULE 55Penalty for failure to make returns etc
6Amount of penalty: occasional returns and annual returns
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 12 months beginning with the penalty date.
2
Where, by failing to make the return, P withholds information which would enable or assist HMRC to assess P’s liability to tax, the penalty under this paragraph is determined in accordance with sub-paragraphs (3) and (4).
3
If the withholding of the information is deliberate and concealed, the penalty is the greater of—
a
100% of any liability to tax which would have been shown in the return in question, and
b
£300.
4
If the withholding of the information is deliberate but not concealed, the penalty is the greater of—
a
70% of any liability to tax which would have been shown in the return in question, and
b
£300.
5
In any other case, 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.