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 minima of £1,500 or £3,000 (depending on whether or not the withholding of information was concealed) for CSI returns2.
To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to Tolley+™ Research or register for a free trial
Web page updated on 17 Mar 2025 13:27