Commentary

A7.264 Penalties in connection with monitored promoters

Administration and compliance

A7.264 Penalties in connection with monitored promoters

A7.264 Penalties in connection with monitored promoters

A person who fails to comply with any of the duties and obligations set out in FA 2014, ss 234–283 (Pt 5) (see A7.301–A7.310) is liable to maximum penalty in accordance with the following table1:

Column 1Column 2
ProvisionMaximum penalty (£)
section 249(1) (duty to notify clients of monitoring notice)5,000
section 249(3) (duty to publicise monitoring notice)1,000,000
section 249(10) (duty to include information on correspondence etc)1,000,000
section 251 (duty of promoter to notify clients and intermediaries of reference number)5,000
section 252 (duty of others to notify client of reference number)5,000
section 253 (duty to notify HMRC of reference number)the relevant amount (a)
section 255 (duty to provide information or produce document)1,000,000
section 257 (ongoing duty to provide information or produce document)1,000,000
section 258 (duty of person dealing with non-resident promoter)1,000,000
section 259 (monitored promoter: duty to provide information about clients)5,000
section 260 (intermediaries: duty to provide information about

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