Part 2 Liability to a Penalty
Finance Act 2021 (2021 c 26) | Legislation

Part 2 Liability to a Penalty

No penalty if payment in full before end of 15 day period

4

No penalty is payable if—

(a)     the tax due is paid in full before the end of the 15 day period, or

(b)     the 15 day time to pay condition is met,

(but see paragraph 7).

First penalty: tax remains due at end of 15 day period

5

(1)     A penalty is payable under this paragraph if—

(a)     the tax due is not paid in full before the end of the 15 day period, and

(b)     the 15 day time to pay condition is not met.

(2)     If the tax due is paid in full after the end of the 15 day period but before the end of the 30 day period, the amount of the penalty is amount A.

(3)     If the tax due is not paid in full before the end of the 30 day period, the amount of the penalty is—

(a)     if the 30 day time to pay condition is met, amount A, and

(b)     if the 30 day time to pay condition is not met, the total of amount A and

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Mistake in contract law

Mistake in contract lawThis Practice Note considers the legal concept of mistake in contract law. It examines common mistake, mutual mistake, unilateral mistake, mistake as to identity and mistake as to the document signed (non est factum). It also considers the impact of each of these types of

LEXISNEXIS

Introduction to passing off

Unlike many other countries, the UK has no unfair competition law. Brand owners seeking to prevent competitors from marketing ‘copycat’ products or using misleading advertising have to rely on a combination of different intellectual property rights. These rights include the common law right to

LEXISNEXIS

Sentencing fraud offences committed by individuals

Sentencing fraud offences committed by individualsThe Sentencing Council (SC) has produced sentencing guidelines for fraud offences under the Fraud Act 2006 (fraud by false representation, fraud by failing to disclose information and fraud by abuse of position), false accounting under section 17 of

LEXISNEXIS

VAT definition