A penalty may be due:

if an incorrect return is made and a business has been careless or negligent in establishing the arm's length basis for the return (CH80000 and EM4800).

if a business does not maintain the appropriate documentation necessary to demonstrate that it has made its returns on the basis that the terms of connected party transactions were considered to be on arm's length terms (see CH11000 and INTM483030).

Guidance on penalties is at EM4500, CH81000 and CH400000.

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