Section 123

Commencement Date

Sch. 41 came into effect on 1 April 2010 (SI 2009/511, art. 2 and 3 subject to transitional rules at SI 2009/511, art. 4).

Cross references

FA 2009, s. 94: publishing detail of deliberate tax defaulters.

Other material

HMRC Brief 14/11: Penalty for failure to disclose offshore income or gains.


FAILURE TO NOTIFY ETC

Related Commentary  Related CasesRelated HMRC Manuals

1  A penalty is payable by a person (P) where P fails to comply with an obligation specified in the Table below (a “relevant obligation”).

Tax to which obligation relates Obligation
Income tax and capital gains tax Obligation under section 7 of TMA 1970 (obligation to give notice of liability to income tax or capital gains tax).
Corporation tax Obligation under paragraph 2 of Schedule 18 to FA 1998 (obligation to give notice of chargeability to corporation tax).
Diverted profits tax Obligation under section 92 of FA 2015 (duty to notify if within scope of diverted profits tax).
[Not relevant to income tax, corporation tax or capital gains tax.] [Not relevant to income tax, corporation tax or capital gains tax.]

History

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