A7.263 User penalties

A7.263 User penalties

A party to notifiable arrangements (ie a user of a scheme) who fails to supply the prescribed information required in their returns, ie to notify HMRC of the allocated scheme reference number (FA 2004, s 313, see A7.233) is liable to a penalty on a sliding scale1. The penalty (in respect of each scheme to which the failure relates) is2:

  1.  

    •     £5,000 for the first such failure

  2.  

    •     £7,500 for the second failure within the previous 36 months (whether or not the failure relates to the same scheme to which the previous failure related), and

  3.  

    •     £10,000

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