SCHEDULES
F1SCHEDULE 7AInterest restriction returns
PART 2Contents of interest restriction return
Penalty for failure to deliver return
29
1
A company is liable to a penalty if the company—
a
is required to submit an interest restriction return under paragraph 7 F3, or a revised interest restriction return under paragraph 8(4), for a period of account of a worldwide group, and
b
fails to do so by the filing date in relation to the period F4....
F21A
In subsection (1)(b), the reference to the “filing date” in relation to a period of account is—
a
in relation to an interest restriction return under paragraph 7, a reference to the filing date for the purposes of that paragraph (see paragraph 7(5) and (5A));
b
in relation to a revised interest restriction return under paragraph 8(4), a reference to the end of the period within which the return may have effect (see paragraph 8(5)).
2
The penalty is—
a
£500 if the return is delivered within 3 months after the filing date, and
b
£1,000 in any other case.
3
If a company becomes liable to a penalty under this paragraph, an officer of Revenue and Customs must—
a
assess the penalty, and
b
notify the company.
4
The assessment must be made within the period of 12 months beginning with the filing date mentioned in sub-paragraph (1)(b).
5
A company may, by notice, appeal against a decision of an officer of Revenue and Customs that a penalty is payable under this paragraph.
6
Notice of appeal under this paragraph must be given—
a
within 30 days after the penalty was notified to the company,
b
to the officer of Revenue and Customs who notified the company.
7
A penalty under this paragraph must be paid before the end of the period of 30 days beginning with—
a
the day on which the company was notified of the penalty, or
b
if notice of appeal against the penalty is given, the day on which the appeal is finally determined or withdrawn.
Sch. 7A inserted (with effect in accordance with Sch. 5 para. 25(1)(2) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 2 (with Sch. 5 para. 28)