Schedules

Schedule 14Administration of multinational top-up tax

Part 11Penalties

42Penalties payable in connection with this Schedule

1

A penalty is payable if the filing member fails to submit an information return or overseas return notification by the submission date, unless paragraph 44 (reasonable excuse) applies.

2

The penalty is—

a

£100, if the return or notification is submitted within three months after the submission date;

b

£200, if the return or notification is submitted within six months after the submission date;

c

£200 plus the additional penalty amount, in any other case.

3

For a third successive failure, the amount referred to in—

a

sub-paragraph (2)(a) is increased to £500;

b

sub-paragraph (2)(b) and (c) is increased to £1,000.

4

For this purpose, a “third successive failure” occurs where—

a

the duty to submit a return or notification applies in relation to a group for three successive accounting periods,

b

the member was liable to a penalty under this paragraph in respect of each of the first two accounting periods, and

c

the member is liable to a penalty under this paragraph in respect of the third accounting period.

5

The additional penalty amount is £60 multiplied by the number of days, after the day six months after the submission date, on which the filing member fails to submit the return or notification.

6

The submission date is the last date the filing member is permitted to submit the return or notification under Part 4 of this Schedule.