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Finance (No. 2) Act 2017
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- UK Public General Acts
- 2017 c. 32
- SCHEDULE 12
- Duty to provide loan...
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Changes over time for: Cross Heading: Duty to provide loan charge information: penalties
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[F1Duty to provide loan charge information: penaltiesU.K.
Textual Amendments
F1Sch. 12 paras. 21-30 and cross-headings inserted (15.3.2018) by Finance Act 2018 (c. 3), Sch. 2 para. 1
25(1)A person who fails to comply with paragraph 22 is liable to a penalty of £300.U.K.
(2)Sub-paragraph (3) applies if the failure continues after the date on which a penalty is imposed under sub-paragraph (1) in respect of the failure.
(3)The person is liable to a further penalty or penalties not exceeding £60 for each subsequent day, up to a maximum of 90 days, on which the failure continues.
26(1)This paragraph applies if—U.K.
(a)in complying with the duty under paragraph 22, 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.]
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