SCHEDULES
C1SCHEDULE 55Penalty for failure to make returns etc
Amount of penalty: CIS returns
I111
1
P is liable to a penalty under this paragraph if (and only if) P's failure continues after the end of the period of 12 months beginning with the penalty date.
2
Where, by failing to make the return, P withholds information which would enable or assist HMRC to assess the amount that P is liable to pay to HMRC in accordance with Chapter 3 of Part 3 of FA 2004, the penalty under this paragraph is determined in accordance with sub-paragraphs (3) and (4).
3
If the withholding of the information is deliberate and concealed, the penalty is the greater of—
a
100% of any liability to make payments which would have been shown in the return in question, and
b
£3,000.
4
If the withholding of the information is deliberate but not concealed, the penalty is the greater of—
a
70% of any liability to make payments which would have been shown in the return in question, and
b
£1,500.
5
In any other case, the penalty under this paragraph is the greater of—
a
5% of any liability to make payments which would have been shown in the return in question, and
b
£300.
Sch. 55 modified (8.4.2010) by Finance Act 2010 (c. 13), Sch. 1 para. 38