[F129(1)A company is liable to a penalty if the company—U.K.
(a)is required to submit an interest restriction return under paragraph 7 for a period of account of a worldwide group, and
(b)fails to do so by the filing date in relation to the period (see sub-paragraph (5) of that paragraph).
(2)The penalty is—
(a)£500 if the return is delivered within 3 months after the filing date, and
(b)£1,000 in any other case.
(3)If a company becomes liable to a penalty under this paragraph, an officer of Revenue and Customs must—
(a)assess the penalty, and
(b)notify the company.
(4)The assessment must be made within the period of 12 months beginning with the filing date mentioned in sub-paragraph (1)(b).
(5)A company may, by notice, appeal against a decision of an officer of Revenue and Customs that a penalty is payable under this paragraph.
(6)Notice of appeal under this paragraph must be given—
(a)within 30 days after the penalty was notified to the company,
(b)to the officer of Revenue and Customs who notified the company.
(7)A penalty under this paragraph must be paid before the end of the period of 30 days beginning with—
(a)the day on which the company was notified of the penalty, or
(b)if notice of appeal against the penalty is given, the day on which the appeal is finally determined or withdrawn.]
Textual Amendments
F1Sch. 7A inserted (with effect in accordance with Sch. 5 para. 25(1)(2) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 2 (with Sch. 5 para. 28)