Part 7Employment income: income and exemptions relating to securities
F1Chapter 1Introduction
Information
F2421JDPenalty if information not given correctly
(1)
This section applies if a return under section 421JA, or any information accompanying such a return—
(a)
is given otherwise than in accordance with section 421JB, or
(b)
contains a material inaccuracy—
(i)
which is careless or deliberate, or
(ii)
which is not corrected as required by section 421JA(6).
(2)
The person in question is liable for a penalty of an amount decided by HMRC.
(3)
The penalty must not exceed £5,000.
(4)
For the purposes of subsection (1)(b)(i) an inaccuracy is careless if it is due to a failure by the person in question to take reasonable care.