SCHEDULE 56 Penalty for Failure to Make Payments on Time

SCHEDULE 56 Penalty for Failure to Make Payments on Time

Section 107

Penalty for failure to pay tax

1

(1)     A penalty is payable by a person (“Pâ€) where P fails to pay an amount of tax specified in column 3 of the Table below on or before the date specified in column 4.

(2)     Paragraphs 3 to 8 [8J] set out—

(a)     the circumstances in which a penalty is payable, and

(b)     subject to paragraph 9, the amount of the penalty.

(3)     If P's failure falls within more than one provision of this Schedule, P is liable to a penalty under each of those provisions.

(4)     In the following provisions of this Schedule, the “penalty dateâ€, in relation to an amount of tax, means [the day after the date specified in or for the purposes of column 4 of the Table in relation to that amount].

[(5)     Sub-paragraph (4) is subject to paragraph 2A.]

Tax to which payment relatesAmount of tax payableDate after which penalty is incurred
PRINCIPAL AMOUNTS
1Income tax or capital gains taxAmount payable under section 59B(3) or (4) of TMA 1970The date falling 30 days after
Powered by Lexis+®

Popular documents