Schedules

Schedule 14Administration of multinational top-up tax

Part 11Penalties

49Penalties under paragraphs 42, 43 and 46: administration and supplemental provision

1

If HMRC thinks it right because of special circumstances, HMRC may reduce the penalty.

2

In sub-paragraph (1) “special circumstances” does not include—

a

ability to pay, or

b

the fact that a potential loss of revenue from one taxpayer is balanced by a potential over-payment by another.

3

In sub-paragraph (1) the reference to reducing a penalty includes a reference to—

a

staying a penalty, and

b

agreeing a compromise in relation to proceedings in respect of a penalty.