SCHEDULES
SCHEDULE 1Lifetime ISAs: further provision
Part 2Payment of government bonuses
Penalties for inaccuracies in claims
5
1
This paragraph applies where—
a
a claim for a bonus contains information which is inaccurate,
b
the inaccuracy is material, and
c
condition A, B or C 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 claimant to take reasonable care.
4
Condition B is that the claimant knows of the inaccuracy at the time the claim is made but does not inform an officer of Revenue and Customs at that time.
5
Condition C is that the claimant—
a
discovers the inaccuracy some time later, and
b
fails to take reasonable steps to inform an officer of Revenue and Customs.
6
The claimant is liable to a penalty not exceeding the amount for the time being specified in paragraph 40A(5) of Schedule 36 to the Finance Act 2008 (penalties for inaccurate information and documents).
7
Where the information contains more than one material inaccuracy, a penalty is payable for each inaccuracy.
8
Paragraphs 46 to 49 and 52 of Schedule 36 to the Finance Act 2008 (penalties: assessment, appeals and enforcement) apply in relation to a penalty under this paragraph as they apply in relation to a penalty under paragraph 40A of that Schedule.