Section 75 Penalty for failure to pay tax on timeI1

In section 122 of TCMA (penalty for failure to pay tax on time) (substituted by paragraph 42 of Schedule 23 to LTTA), for subsection (2) substitute—

“(2)

The penalty—

(a)

in respect of an amount of land transaction tax, is 5% of the amount of unpaid tax;

(b)

in respect of an amount of landfill disposals tax, is 1% of the amount of unpaid tax.”