Part 7

Employment income: income and exemptions relating to securities
Chapter 1

Introduction

Information

Penalty if information not given correctly
421JD
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.
Pt. 7: power to modify conferred (7.4.2005) by Finance Act 2005 (c. 7), s. 21(8)-(10)
Ss. 421JA-421JF inserted (with effect in accordance with Sch. 8 para. 234 of the amending Act) by Finance Act 2014 (c. 26), Sch. 8 paras. 228, 232
Pt. 7 Ch. 1 substituted (with effect in accordance with Sch. 22 para. 2(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 2(1)
Pt. 7 heading substituted (with effect in accordance with Sch. 22 para. 2(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 2(1)