IFM09785 - Administrative requirements: Penalties: Penalty for failures to provide further information to HMRC - under Regulation 40(4)
If the RIF operator fails without reasonable excuse to provide information requested under a notice by HMRC by the date specified in the notice (IFM09750), the operator is liable to a penalty not exceeding £3,000. This penalty is provided for by regulation 40(4) of The Co-ownership Contractual Schemes (Tax) Regulations 2025, S.I. 2025/200 (‘SI 2025/200’).
TMA1970/S100(1) provides that the authorising officer must determine the appropriate level of penalty within the statutory maximum. The Compliance Handbook at CH26680 sets out the factors to be considered when determining the appropriate level of penalty under Regulation 40(4).