Part 3 Penalties
Finance Act 2022 (2022 c 3) | Legislation

Part 3 Penalties

Penalty for non-compliance with paragraph 8

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(1)     A company or partnership that is required by paragraph 8(2)(a) to give a notification to HMRC is liable to a penalty if it fails to give the notification in accordance with that paragraph.

(2)     The amount of the penalty under sub-paragraph (1) is—

(a)     for a first failure in respect of a relevant tax, £5,000;

(b)     for a second failure in respect of a relevant tax, £25,000;

(c)     for a further failure in respect of a relevant tax, £50,000.

(3)     A company or partnership that is required by paragraph 8(2)(b) to give a notification to HMRC is liable to a penalty if it fails to give the notification in accordance with that paragraph.

(4)     The amount of the penalty under sub-paragraph (3) is £5,000.

First, second and further failures

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(1)     This paragraph applies for determining whether a company's or partnership's failure to give a notification in accordance with paragraph 8(2)(a) is, in respect of a relevant tax—

(a)     a first failure,

(b)     a second failure, or

(c)     a further failure.

(2)     The failure is a first failure in respect of

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