Commentary

A7.261 Disclosure penalties

Administration and compliance

A7.261 Disclosure penalties

A7.261 Disclosure penalties

A person who fails to make a disclosure of notifiable proposals or arrangements required from:

  1.  

    •     promoters (under FA 2004, s 308(1), (3), see A7.210)

  2.  

    •     persons dealing with non-UK promoters (under FA 2004, s 309(1), see A7.211), and

  3.  

    •     parties to arrangements where there is no promoter (under FA 2004, s 310), see A7.212, A7.213)

is liable to a penalty. The maximum penalty during the initial period, where no disclosure order has been made, is £600 per day. Prior to 1 January 2011 the maximum penalty was a flat rate of £5,0001.

The initial period for these purposes is the period2:

  1.  

    •     beginning with the relevant day (ie the day the disclosure should have been made), and

  2.  

    •     ending with the earlier

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