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Paragraph 12 F1

United Kingdom

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

  • Sch. A1 amendment to earlier affecting provision 2017 c. 32, s. 60 by Finance Act 2018 Sch. 6 para. 7(2)(a)
  • Sch. A1 amendment to earlier affecting provision 2017 c. 32, s. 60 by Finance Act 2018 Sch. 6 para. 7(2)(b)
(1)

This paragraph applies where requirements imposed by regulations under paragraph 11 for any period are not complied with.

(2)

The person, or in the case of a partnership each relevant partner, is liable for a penalty.

(3)

“Relevant partner” means any person who was a partner in the partnership at any time during the period in question.

(4)

The amount of the penalty must not exceed £3,000.

(5)

A person or relevant partner is not liable to a penalty under this paragraph in relation to a period if the person or relevant partner is liable to a penalty under section 12B(5) in relation to that period.

Annotations

Textual amendments

F1

Sch. A1 inserted (1.4.2026) by Finance (No. 2) Act 2017 (c. 32), s. 60(3)(4) (as amended by Finance Act 2018 (c. 3), Sch. 6 para. 7(2)); S.I. 2026/356, reg. 2