CH81011 - Penalties for Inaccuracies: In what circumstances is a penalty payable: Commencement date for FA 2007 penalties

Section 97 and Schedule 24 FA 2007 introduce the penalty regime for

• inaccuracies in returns or other documents (FA07SCH24/PARA1),
• deliberately supplying false information to, or deliberately withholding information from, a person with the intention of making that person’s document inaccurate (FA07/SCH24/PARA1A), and
• failing to notify HMRC of an under-assessment to tax (FA07/SCH24/PARA2).

These financial penalties are graduated and the amount of penalty for each inaccuracy is related to the behaviour that led to the inaccuracy. The more serious the behaviour the higher the penalty will be, see CH81110.

The penalties apply across all taxes and duties but the commencement date differs. Select the appropriate tax for full information.

CH81012 contains full information for Income Tax, Capital Gains Tax, Corporation Tax,PAYE, Class 1 and Class 4 NICs, Construction Industry Scheme and VAT.

CH81013 contains full information for Insurance Premium Tax, Inheritance Tax, StampDuty Land Tax, Stamp Duty Reserve Tax, Petroleum Revenue Tax, Excise Dutiesincluding Aggregates Levy, Climate Change Levy, Landfill Tax, Air Passenger Duty,Alcoholic Liquor Duties, Tobacco Product Duty, Hydrocarbon Oil Duties, GeneralBetting Duty, Pool Betting Duty, Bingo Duty, Lottery Duty, Gaming Duty and RemoteGaming Duty, Warehouse Keepers, Registered Excise Dealers and Shippers.