Taxation (International and Other Provisions) Act 2010 section 29

Penalty for failure to deliver return

Section 29 sets out the penalties that apply when a reporting company fails to submit an interest restriction return (or a revised return) by the required deadline.

• A company that misses the filing deadline for an interest restriction return or a revised return faces a penalty of £500 if the return is delivered within three months of the deadline, or £1,000 if it is later than that.
• HMRC must formally assess the penalty and notify the company, and this assessment must be made within 12 months of the relevant filing date.
• The company may appeal the penalty by giving written notice to the HMRC officer who issued the notification, within 30 days of being notified.
• The penalty must be paid within 30 days of notification, or if an appeal is made, within 30 days of the appeal being finally determined or withdrawn.