Paragraph 11A F1F2
A company is liable to a penalty if the company has purported to submit to an officer of Revenue and Customs a return for a period of account of a worldwide group in circumstances where it had not been appointed for the period of account at the time at which it submitted the return.
The penalty is £1,000.
If a company becomes liable to a penalty under this paragraph, an officer of Revenue and Customs must—
assess the penalty, and
notify the company.
The assessment must be made within the period of 12 months beginning with the day on which a company is (after the time mentioned in sub-paragraph (1)) appointed as the group’s reporting company for the period of account.
A company may, by notice, appeal against a decision of an officer of Revenue and Customs that a penalty is payable under this paragraph.
Notice of appeal under this paragraph must be given—
within 30 days after the penalty was notified to the company,
to the officer of Revenue and Customs who notified the company.
A penalty under this paragraph must be paid before the end of the period of 30 days beginning with—
the day on which the company was notified of the penalty, or
if notice of appeal against the penalty is given, the day on which the appeal is finally determined or withdrawn.
Annotations
Textual amendments
- F1
Sch. 7A inserted (with effect in accordance with Sch. 5 para. 25(1)(2) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 2 (with Sch. 5 para. 28)
- F2
Sch. 7A paras. 11A, 11B and cross-heading inserted (with effect in relation to periods of account ending on or after 31.3.2026) by Finance Act 2026 (c. 11), s. 61(13)(21)