Penalties for inaccurate information14
1
Where—
a
a person provides inaccurate information when filing a CBC report; and
b
condition A or B is met,
the person is liable to a penalty not exceeding £3,000 in respect of the report to which the inaccuracy relates.
2
Where—
a
a person provides inaccurate information when responding to a direction under regulation 11; and
b
condition A or B is met,
the person is liable to a penalty not exceeding £3,000 in respect of each CBC report to which the inaccuracy relates.
3
Condition A is that the person knows of the inaccuracy at the time information is provided but does not inform Revenue and Customs at that time.
4
Condition B is that the person—
a
discovers the inaccuracy after the information is provided; and
b
fails to take reasonable steps to inform Revenue and Customs of that discovery.