Finance Act 2021 (c. 26)

SCHEDULES

SCHEDULE 25 U.K. Penalties for deliberately withholding information

PART 3 U.K. Supplementary provision

Withdrawal of notice to make a return U.K.

16 (1) This paragraph applies where— U.K.

(a) a person is liable to a penalty under this Schedule in relation to a failure to make a return within item 1 or 2 in the Table in paragraph 1, and

(b) HMRC decide (on the request of the person or otherwise) to give the person a notice under section 8B of TMA 1970 withdrawing a notice under section 8 or 8A of that Act.

(2) This paragraph also applies where—

(a) a person is liable to a penalty under this Schedule in relation to a failure to make a return within item 3 in the Table in paragraph 1, and

(b) HMRC decide (on a request under section 12AAA of TMA 1970) to give a notice under that section withdrawing a notice under section 12AA of that Act.

(3) The notice under section 8B or 12AAA of TMA 1970 may include provision under this paragraph cancelling liability to the penalty from the date specified in the notice.

Commencement Information

I1 Sch. 25 para. 16 in force at 6.4.2024 for specified purposes by S.I. 2024/440, reg. 2(1)