20(1)A company or partnership that is required by paragraph 8(2)(a) to give a notification to HMRC is liable to a penalty if it fails to give the notification in accordance with that paragraph.
(2)The amount of the penalty under sub-paragraph (1) is—
(a)for a first failure in respect of a relevant tax, £5,000;
(b)for a second failure in respect of a relevant tax, £25,000;
(c)for a further failure in respect of a relevant tax, £50,000.
(3)A company or partnership that is required by paragraph 8(2)(b) to give a notification to HMRC is liable to a penalty if it fails to give the notification in accordance with that paragraph.
(4)The amount of the penalty under sub-paragraph (3) is £5,000.