The Savings (Government Contributions) Act 2017, Sch. 1, para. 12 imposes a penalty not exceeding the amount specified in FA 2008, Sch. 36, para. 40A(5) (currently £3,000) where there is a material inaccuracy in information or a document provided in relation to an information notice issued in respect of a bonus claim or in relation to a return of information relating to a withdrawal and:

the inaccuracy is careless or deliberate;

the person providing the information or document knew at that time that it was inaccurate but did not inform HMRC; or

that person later discovers an inaccuracy but does not take reasonable steps to notify HMRC.

Want to read more?

This content requires a Croner-i Tax and Accounting subscription.

Existing subscriber? Log in

No subscription?

Contact us to discuss your requirements.