SCHEDULES
SCHEDULE 5Enterprise management incentives
Part 8Supplementary provisions
F1Penalties
57B
1
This paragraph applies if a company fails to give a return for a tax year (containing, or accompanied by, all required information) on or before the date mentioned in paragraph 52(5)(b) (“the date for delivery”).
2
The company is liable for a penalty of £100.
3
If the company's failure continues after the end of the period of 3 months beginning with the date for delivery, the company is liable for a further penalty of £300.
4
If the company's failure continues after the end of the period of 6 months beginning with the date for delivery, the company is liable for a further penalty of £300.
5
The company is liable for a further penalty under this sub-paragraph if—
a
the company's failure continues after the end of the period of 9 months beginning with the date for delivery,
b
HMRC decide that such a penalty should be payable, and
c
HMRC give notice to the company specifying the period in respect of which the penalty is payable.
(The company may be liable for more than one penalty under this sub-paragraph.)
6
The penalty under sub-paragraph (5) is £10 for each day that the failure continues during the period specified in the notice under sub-paragraph (5)(c).
7
The period specified in the notice under sub-paragraph (5)(c)—
a
may begin earlier than the date on which the notice is given, but
b
may not begin until after the end of the period mentioned in sub-paragraph (5)(a) or, if relevant, the end of any period specified in any previous notice under sub-paragraph (5)(c) given in relation to the failure.
Sch. 5 paras. 57A-57E and cross-heading inserted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 220, 222