Penalties for inaccurate information14.
(1)
Where—
(a)
a person provides inaccurate information when filing a CBC report; and
(b)
condition A or B is met,
the person is liable to a penalty not exceeding £3,000 in respect of the report to which the inaccuracy relates.
(2)
Where—
(a)
a person provides inaccurate information when responding to a direction under regulation 11; and
(b)
condition A or B is met,
the person is liable to a penalty not exceeding £3,000 in respect of each CBC report to which the inaccuracy relates.
(3)
Condition A is that the person knows of the inaccuracy at the time information is provided but does not inform Revenue and Customs at that time.
(4)
Condition B is that the person—
(a)
discovers the inaccuracy after the information is provided; and
(b)
fails to take reasonable steps to inform Revenue and Customs of that discovery.