Commentary

A4.555 Late filing penalties—reductions.

Administration and compliance

A4.555 Late filing penalties—reductions.

A4.555 Late filing penalties—reductions.

Late filing penalties are subject to reductions and restrictions under the provisions described below.

Reduction for disclosure

A reduction in the second tax-geared penalty at A4.552 (self-assessment returns) and A4.553 (construction industry scheme returns) will be given where the taxpayer discloses information that they were deliberately withholding by virtue of their failure to make a return1. The penalty will be reduced to a percentage which reflects the quality of the disclosure and, in particular, whether the disclosure is prompted or unprompted, but the penalty cannot be reduced below a minimum percentage as shown in the table below. The penalty cannot in any case be reduced below the minimum of £300 for self-assessment returns or below the equivalent

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