Section 11 Financial penaltiesI1
United Kingdom
The Secretary of State may impose a financial penalty on a person other than the designated counterparty if—
the Secretary of State is satisfied that the person has breached a requirement imposed by levy regulations, and
the requirement was, at the time of the breach, specified in the levy regulations as a requirement in respect of the breach of which a financial penalty may be imposed.
The amount of the financial penalty imposed under this section must not exceed the lesser of—
£100,000, and
an amount equal to 10% of turnover of the person on whom it is imposed.
The Secretary of State may by regulations—
amend the amount specified in subsection (3)(a) in light of inflation;
make provision as to how a person’s turnover is to be determined for the purposes of subsection (3)(b).
The Schedule makes further provision about financial penalties under this section.
Annotations
Commencement
- I1
S. 11 in force at Royal Assent, see s. 19(1)