# The International Tax Compliance Regulations 2015, Regulation 22C: Penalties for late returns


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.

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Source: https://www.legislation.gov.uk/uksi/2015/878/regulation/22C (the official version)
Page: https://openlegislation.uk/international-tax-compliance-regulations-2015/regulation-22C
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.