SCHEDULES

SCHEDULE 11 U.K. Employment income provided through third parties: loans etc outstanding on 5 April 2019

[F1 PART 3A U.K. Duty to provide loan charge information to HMRC

Textual Amendments

F1 Sch. 11 Pt. 3A inserted (15.3.2018) by Finance Act 2018 (c. 3), Sch. 1 para. 10

Penalties for inaccurate information and documents U.K.

35G (1) This paragraph applies if—

(a) in complying with the duty under paragraph 35C, a person provides inaccurate information, and

(b) condition A, B or C is met.

(2) Condition A is that the inaccuracy is careless or deliberate.

(3) An inaccuracy is careless if it is due to a failure by the person to take reasonable care.

(4) Condition B is that the person knows of the inaccuracy at the time the information is provided but does not inform HMRC at that time.

(5) Condition C is that the person—

(a) discovers the inaccuracy some time later, and

(b) fails to take reasonable steps to inform HMRC.

(6) The person is liable to a penalty not exceeding £3000.

(7) Where the information contains more than one inaccuracy, a penalty is payable for each inaccuracy.]