Penalties for Failure to Notify: Calculating the penalty: Before calculating the penalty
To work out the penalty to be charged you will need to establish
- the underlying behaviour that gave rise to the failure, see CH72100
- the penalty period, see CH71200
- the potential lost revenue (PLR), see CH72620
- whether the disclosure was unprompted or prompted, see CH73120,
- whether the failure to involve an offshore matter and the tax at stake was income tax or capital gains tax, see CH73210+, and
- the quality of disclosure, see CH73220.
For detailed guidance on how to calculate the penalty, see CH73520.