SCHEDULES
SCHEDULE 56Penalty for failure to make payments on time
Amount of penalty: occasional amounts and amounts in respect of periods of 6 months or more
4
(1)
This paragraph applies in the case of a payment of tax falling within item 5 or 6 in the Table.
(2)
P is liable to a penalty of 5% of the unpaid tax.
(3)
If any amount of the tax is unpaid after the end of the period of 3 months beginning with the penalty date, P is liable to a penalty of 5% of that amount.
(4)
If any amount of the tax is unpaid after the end of the period of 9 months beginning with the penalty date, P is liable to a penalty of 5% of that amount.