Regulation 22C Penalties for late returnsF1
If a reporting financial institution or UK representative fails to make a return required under regulation 6 (reporting obligation) on or before the date specified in paragraph 6(4), the reporting financial institution or UK representative is liable—
(a)
to a penalty not exceeding £5,000, and
(b)
if the failure continues after notice of an assessment of a penalty under paragraph (a) is issued, to a penalty or penalties not exceeding £600 for each subsequent day on which the failure continues.
Annotations
Textual amendments
- F1
Regs. 22A-22N inserted (16.7.2025) by The International Tax Compliance (Amendment) Regulations 2025 (S.I. 2025/740), regs. 1(1), 12