6(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 P’s liability to tax, 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 tax which would have been shown in the return in question, and
(b)£300.
(4)If the withholding of the information is deliberate but not concealed, the penalty is the greater of—
(a)70% of any liability to tax which would have been shown in the return in question, and
(b)£300.
(5)In any other case, the penalty under this paragraph is the greater of—
(a)5% of any liability to tax which would have been shown in the return in question, and
(b)£300.