[F1Penalty for failure to keep and preserve recordsU.K.
Textual Amendments
F1Sch. 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)
39(1)A company which fails to comply with paragraph 38 is liable to a penalty not exceeding £3,000.U.K.
(2)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.
(3)The assessment must be made within the period of 12 months beginning with the day on which an officer of Revenue and Customs first becomes aware that the company has failed to comply with paragraph 38.
(4)A company may, by notice, appeal against a decision of an officer of Revenue and Customs that a penalty is payable under this paragraph.
(5)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.
(6)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(b)if notice of appeal against the penalty is given, the day on which the appeal is finally determined or withdrawn.]