PART 4INFORMATION AND RECORD KEEPING RELATING TO DISTRIBUTIONS
Notification of interest distributions made without deduction of tax22
1
If, during a tax year, a company has made interest distributions without deduction of tax, the company must give notice of that fact to the Commissioners within 14 days of the end of that tax year.
2
Notice given under paragraph (1)—
a
must be given in writing, and
b
has effect for the tax year in which the distribution was made and for subsequent tax years until the notice is withdrawn.
3
A company that fails to comply with paragraph (1) is liable to a penalty not exceeding £3,000 determined in accordance with section 100 of the Taxes Management Act 197011.
4
Sections 100A, 100B, 102, 103(4) and 118(2) of the Taxes Management Act 197012 apply to a penalty determined in accordance with paragraph (3).