»Ê¹ÚÌåÓýapp

TIOPA10/SCH7A/PARA66(1), FA08/SCH36/PT7

»Ê¹ÚÌåÓýapp penalties and offences provisions in FA08/SCH36/PTS7 and 8 are applied to the interest restriction information powers by TIOPA10/SCH7A/PARA66(1) - see CFM98970. For further guidance see also CH26000 et seq. A brief outline of the relevant provisions follows.

»Ê¹ÚÌåÓýapp initial penalty for failure to comply with an information notice is £300, FA08/SCH36/PARA39. Under FA08/SCH36/PARA40, there is a daily penalty of £60 for continuing default. »Ê¹ÚÌåÓýappre is no penalty if HMRC has allowed additional time to comply with a notice - FA08/SCH36/PARA44.

FA08/SCH36/PARA40A provides for penalties for a careless inaccuracy or deliberate inaccuracy. »Ê¹ÚÌåÓýappse terms are interpreted as at CFM 99030 in relation to inaccuracies in a return.

»Ê¹ÚÌåÓýapp maximum penalty is £3,000 (a figure that may be adjusted for inflation).

A penalty does not arise if the company satisfies HMRC that there is a reasonable excuse for a failure - FA08/SCH36/PARA 45.

A penalty must be assessed by HMRC, and the company notified- FA FA08/SCH36/PARA 46. Under FA08/SCH36/PARAS 47 and 48, the company has the right to appeal, in writing, within 30 days of notification, against the penalty itself, and the level of the penalty. »Ê¹ÚÌåÓýapp tribunal may confirm or cancel the decision on the penalty, or substitute another decision that HMRC was entitled to make.