SCHEDULES
SCHEDULE 19Large businesses: tax strategies and sanctions
PART 2Publication of tax strategies
Penalty for non-compliance with paragraph 22
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1
This paragraph applies where paragraph 22 requires a company tax strategy to be published for a UK company in any financial year.
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.