Section 265 Failure to deliver company tax returns

United Kingdom

(1)

In paragraph 17 of Schedule 18 to FA 1998 (failure to deliver company tax return: flat-rate penalty)—

(a)

in sub-paragraph (2)—

(i)

in paragraph (a), for “£100” substitute “£200”;

(ii)

in paragraph (b), for “£200” substitute “£400”;

(b)

in sub-paragraph (3), in the opening words—

(i)

for “£500” substitute “£1000”;

(ii)

for “£1000” substitute “£2000”;

(c)

after sub-paragraph (4) insert—

“(5)
The Commissioners for His Majesty’s Revenue and Customs may by regulations amend sub-paragraph (2) or (3) so as to increase or decrease the amount of a penalty for the time being specified in those sub-paragraphs.
(6)
Regulations under sub-paragraph (5) may include transitional and saving provision.
(7)
A statutory instrument containing regulations under sub-paragraph (5) which increase the amount of a penalty by more than is necessary to reflect changes in the value of money may not be made unless a draft of the instrument has been laid before and approved by a resolution of the House of Commons.”

(2)

The amendments made by subsection (1)(a) and (b) have effect in relation to a failure to deliver a company tax return for which the filing date is on or after 1 April 2026.