Paragraph 25

After section 122A of TCMA^f1 insert—

“Penalty for failure to pay amount payable in respect of tax credit

Penalty for failure to pay amount payable in respect of tax credit on time

123A.

(1)

This section applies where a person is required to pay an amount as a result of a WRA assessment made under section 55A.

(2)

The person is liable to a penalty if he or she fails to pay the amount on or before the penalty date.

(3)

The penalty date is the day falling 30 days after the day by which the amount was required to be paid.

(4)

The penalty is 5% of the amount payable as a result of the WRA assessment.”