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.