Part 1 Introduction
Finance Act 2021 (2021 c 26) | Legislation

SCHEDULE 26 Penalties for Failure to Pay Tax

Section 117

Part 1 Introduction

Introduction

1

[(1)]     This Schedule makes provision for penalties to be payable by a person who, in relation to a tax dealt with by one of the following tables, fails to pay an amount specified in column 2 of the table (“the tax due”) on or before the date specified in column 3 of the table (“the specified date”).

[(2)     In the table relating to value added tax, “annual accounting scheme instalment” means an amount payable to HMRC by virtue of regulation 50(2)(a) of the Value Added Tax Regulations 1995 (SI 1995/2518).]

Income tax or capital gains tax
1Amount of income tax or capital gains tax payable under section 55 of TMA 1970The date determined in accordance with section 55 of TMA 1970 as the date by which the amount must be paid
2Amount of income tax or capital gains tax payable under section 59B(3) or (4) of TMA 1970The date specified in section 59B(3) or (4) of TMA 1970 as the date by which the amount must be paid
3Amount
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