SCHEDULES

SCHEDULE 56 Penalty for failure to make payments on time

Amount of penalty: occasional amounts and amounts in respect of periods of 6 months or more

4 (1) This paragraph applies in the case of a payment of tax falling within item 5 or 6 in the Table.

(2) P is liable to a penalty of 5% of the unpaid tax.

(3) If any amount of the tax is unpaid after the end of the period of 3 months beginning with the penalty date, P is liable to a penalty of 5% of that amount.

(4) If any amount of the tax is unpaid after the end of the period of 9 months beginning with the penalty date, P is liable to a penalty of 5% of that amount.