SCHEDULES
C1SCHEDULE 26Penalties for failure to pay tax
Annotations:
Modifications etc. (not altering text)
PART 3Supplementary provision
Special reduction
I1I213
1
If HMRC think it right because of special circumstances, they may reduce a penalty under this Schedule.
2
In sub-paragraph (1) “special circumstances” does not include—
a
ability to pay, or
b
the fact that a potential loss of revenue from a taxpayer is balanced by a potential over-payment by a taxpayer.
3
In sub-paragraph (1) the reference to reducing a penalty includes a reference to—
a
staying a penalty, and
b
agreeing a compromise in relation to proceedings for a penalty.
Sch. 26 modified (1.3.2024) by 1994 c. 23, Sch. 9ZF para. 13A (as inserted by The Value Added Tax (Distance Selling) (Amendments) Regulations 2024 (S.I. 2024/128), regs. 1(1), 6(6) (with reg. 1(2)))