SDLTM86190 - Compliance: Penalties
Legislation: Penalty for incorrect or uncorrected returns
FA03/SCH10/PARA8: Application
This legislation applies where a person fraudulently or
negligently
- delivers an incorrect return
- discovers that they delivered an incorrect
return and they do not remedy the error without unreasonable delay
i.e. the incorrect return was promptly disclosed to HM Revenue
& Customs
In each case the tax-geared penalty is based on a maximum equal
to the difference between
- the amount of tax correctly payable for
the transaction
- the amount which would be payable on the
incorrect return
The offence is committed on the date when the return is
delivered. For a land transaction return, this will be the date on
which it is logged.
