# Finance Act 2003, Paragraph 4


(1) A purchaser who is required to deliver a land transaction return in respect of a chargeable transaction and fails to do so within twelve months after the filing date is liable to a tax-related penalty under this paragraph.
This is in addition to any flat-rate penalty under paragraph 3.
(2) The penalty is an amount not exceeding the amount of tax chargeable in respect of the transaction.

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Source: https://www.legislation.gov.uk/ukpga/2003/14/schedule/10/paragraph/4 (the official version)
Page: https://openlegislation.uk/finance-act-2003/schedule-10/paragraph-4
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.