The government is reforming sanctions for both late submission and late payment to make them fairer and more consistent across taxes. To that end, FA 2021 makes provision for the default surcharge regime to be replaced by a new points-based penalty regime for submission and a separate late payment penalty (60-400) for accounting periods beginning on or after 1 April 2022. Both regimes were previously published in June 2018 but omitted from the Finance Bill 2018-19. The default surcharge regime (60-455), which is a combined late submission and late payment sanction, will continue to apply before this date.

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