Companies: Quarterly Instalment Payments: Penalties
S.I.98 No 3175 Regulation 13
A penalty under TMA70/S59E(4) can arise where
- a company, or person acting on its behalf, deliberately or recklessly fails to pay the right amount on a particular instalment date, or
- a company, or person acting on its behalf, fraudulently or negligently makes a claim for repayment under Regulation 6(2) of the Instalment Regulations.
The penalty is an amount not exceeding twice the amount of interest charged by virtue of Regulation 7 on any unpaid amount in respect of the total liability of the company for its accounting period.
Specific guidance is mentioned at EM8301 (final paragraph).