PenaltiesThere are penalties for late or incorrect returns. A late return includes one where part of the information required by the notice is not supplied until after the filing date. The maximum amount of each penalty depends in each case upon the number of members of the syndicate. This includes both bespoke (individual) and MAPA (pooling agreement) members, but a member is not counted two or more times because that member is on one or more MAPAs and/or is a bespoke member. Partnership and corporate members count as one member each, irrespective of whether the partnership member includes individuals who are also bespoke members or members of other partnerships.

As with other penalties, the amount charged can be mitigated under TMA70/S102 at HMRC's discretion.

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