IEIM405130 - Compliance: Penalties Reductions

Compliance: Penalties Reductions

If a Reporting Financial Institution fails to meet its obligations, a penalty may be applicable, but this will always depend on the facts and circumstances. No penalty will be charged where the Reporting Financial Institution has a reasonable excuse for the failure.

There are different penalty types for the various obligations. The penalty amounts in legislation are all “up to” amounts. The following guidance sets out how HMRC will determine the level of the penalty up to the maximum amount in the regulations.

  1. IEIM405131
    Penalty Reductions for Failure Penalties
  2. IEIM405132
    Penalty Reductions for each Account Holder or Controlling Person Penalties