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Finance Act 2016, Cross Heading: Penalty for non-compliance with paragraph 22 is up to date with all changes known to be in force on or before 07 June 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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24(1)This paragraph applies where paragraph 22 requires a company tax strategy to be published for a UK company in any financial year.U.K.
(2)The company is liable to a penalty of £7,500 if—
(a)there is a failure to publish a company tax strategy for the company that complies with paragraph 22(2), or
(b)where a company tax strategy has been published, there is a failure to comply with paragraph 22(6).
(3)Subject to sub-paragraph (5), the company is only liable to one penalty by virtue of sub-paragraph (2) in respect of a company tax strategy required for the financial year in question.
(4)Sub-paragraph (5) applies where—
(a)a penalty is imposed under this paragraph in respect of a failure mentioned in sub-paragraph (2)(a), and
(b)no company tax strategy that complies with paragraph 22(2) (disregarding paragraph 22(4)) is published within the period of 6 months after the last day on which the duty under paragraph 22(2) could have been complied with.
(5)At the end of that period, the company is liable—
(a)to a further penalty of £7,500, and
(b)where the failure mentioned in sub-paragraph (4)(b) continues, to a further penalty of £7,500 at the end of each subsequent month in which no such company tax strategy is published.
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