Regulation 4 Client exchange of tax information notifications

For regulation 13 (penalties for failure to comply with Regulations), substitute—

“13.

(1)

A person is liable to a penalty of £3,000 if the person fails to comply with any obligation under regulations 12B to 12E.

(2)

A person is liable to a penalty of £300 if the person fails to comply with any other obligation under these Regulations.”.