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SCHEDULE 47E+W+S+N.I.Amendment of information and inspection powers

15After that paragraph insert—

Penalties for inaccurate information and documentsE+W+S+N.I.

40A(1)This paragraph applies if—

(a)in complying with an information notice, a person provides inaccurate information or produces a document that contains an inaccuracy, and

(b)condition A or B is met.

(2)Condition A is that the inaccuracy is careless or deliberate.

(3)An inaccuracy is careless if it is due to a failure by the person to take reasonable care.

(4)Condition B is that the person—

(a)discovers the inaccuracy some time later, and

(b)fails to take reasonable steps to inform HMRC.

(5)The person is liable to a penalty not exceeding £3,000.

(6)Where the information or document contains more than one inaccuracy, a penalty is payable for each inaccuracy.