Regulation 22F Penalties for failure to register with HMRCF1
If a reporting financial institution, specified non-reporting financial institution or UK representative fails to comply with regulation 10A (registration with HMRC), the reporting financial institution, specified non-reporting financial institution or UK representative is liable—
(a)
to a penalty not exceeding £1,000, 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 £300 for each subsequent day on which the failure occurs.
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