Paragraph 40E F1

(1)

This paragraph applies if a return under paragraph 40B, or any information accompanying such a return—

(a)

is given otherwise than in accordance with paragraph 40D, or

(b)

contains a material inaccuracy—

(i)

which is careless or deliberate, or

(ii)

which is not corrected as required by paragraph 40B(11).

(2)

The scheme organiser is liable for a penalty of an amount decided by HMRC.

(3)

The penalty must not exceed £5,000.

(4)

For the purposes of sub-paragraph (1)(b)(i) an inaccuracy is careless if it is due to a failure by the scheme organiser to take reasonable care.

Annotations

F1: Sch. 3 Pt. 8 substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 117, 146 (with Sch. 8 paras. 147-157)

F1: Word in Sch. 3 title omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 103, 146 (with Sch. 8 paras. 147-157)