Paragraph 32 F1
United Kingdom
A company (“C”) is liable to a penalty if—
another company submits an interest restriction return for a period of account of a worldwide group,
there is an inaccuracy in the return which meets condition A or B in paragraph 30, and
the inaccuracy was attributable to C deliberately supplying false information to the other company, or to C deliberately withholding information from the other company, with the intention of the return containing the inaccuracy.
A penalty is payable under this paragraph in respect of an inaccuracy whether or not the other company is liable to a penalty under paragraph 30 in respect of the same inaccuracy.
A penalty payable under this paragraph is equal to the notional tax.
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)