# The International Controlled Transaction Reporting Regulations 2026, Regulation 20: Daily default penalty


(1) If the reporting entity fails to provide the specified information after the notice of an assessment of a penalty under regulation 19 has been issued, the reporting entity is liable to a further penalty, for each subsequent day on which the failure continues, of an amount (subject to regulation 26), not exceeding £60 for each such day.
(2) In the case of a partnership, the further penalty in paragraph (1) is payable by every relevant partner.
(3) Where the reporting entity is a managing agent and the failure relates to specified information which is required in respect of one or more members of a syndicate, the reporting entity is liable to the further penalty under paragraph (1) in respect of each member of each syndicate to which the failure relates.

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Source: https://www.legislation.gov.uk/uksi/2026/1156/regulation/20 (the official version)
Page: https://openlegislation.uk/international-controlled-transaction-reporting-regulations-2026/regulation-20
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.