634. Incorrect return or accounts for corporation tax and incorrect partnership return.

In relation to corporation tax, a penalty is payable by a person ('P') where P gives HM Revenue and Customs a return or document1 which contains a careless or deliberate inaccuracy which amounts to or leads to: (1) an understatement of a liability to tax; (2) a false or inflated statement of a loss; or (3) a false or inflated claim to a repayment of tax