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A person who fraudulently carries out any of the following actions is liable to a penalty of £300¹:

1. Ìý

   (a)ÌýÌýÌýÌý applying to open a child trust fund;

2. Ìý

   (b)ÌýÌýÌýÌý making a withdrawal from a child trust fund which is not a permitted withdrawal (see E3.508);

3. Ìý

   (c)ÌýÌýÌýÌý securing the opening of a child trust fund by HMRC.

More substantial penalties, up to £3,000, may be imposed where an account provider fraudulently or negligently makes an incorrect statement or declaration in connection with a claim in respect of an initial or supplementary contribution by HMRC (see E3.501), or where any person required to provide information (see E3.524) fraudulently or negligently provides incorrect information².

Initial and continuing penalties may be imposed on an account provider who fails within the period specified to make a claim in respect of initial, supplementary or further HMRC contributions³ (see E3.501). The initial penalty is one not exceeding £300. If the failure continues after the day on which an initial penalty is imposed, the continuing penalty which