Commentary

A4.619 Hold notice—penalties

Administration and compliance

A4.619 Hold notice—penalties

A4.619 Hold notice—penalties

A deposit-taker is liable to a penalty of £300 if it fails to1:

  1.  

    (a)     comply with an information notice, a hold notice or a deduction notice

  2.  

    (b)     comply with an obligation to send details to HMRC in response to a hold notice (ie details of the accounts held by the taxpayer (and if there are no such accounts, confirmation to HMRC that this is the case))

  3.  

    (c)     notify HMRC that there are no affected accounts

  4.  

    (d)     comply with an obligation to cancel, or modify the effects of, a hold notice, or

  5.  

    (e)     to make any necessary adjustments following HMRC's consideration of an objection to a hold notice

Liability for a penalty will also arise if after receipt of an information notice or hold notice, the deposit-taker makes a disclosure

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