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PART 3Penalties for breach of obligations

Penalties for failure to provide information to HMRC

13.  If a person fails to comply with regulation 6 (provision of information to HMRC), the person is liable—

(a)to a penalty not exceeding £5,000, and

(b)if the failure continues after notice of an assessment of a penalty under paragraph (a) is issued, to a penalty or penalties not exceeding £600 for each subsequent day on which the failure continues.