EIM47197 | Finance (No 2) Act 2017: part 3A: 2019 loan charge reporting requirement: loan charge information: para 35G: provision of inaccurate information

A person is liable to a penalty if they provide inaccurate loan charge information and any one of the following three conditions is met:

• the inaccuracy is careless or deliberate - an inaccuracy is careless if it is due to a failure by the person to take reasonable care

• the person knows of the inaccuracy at the time the information is provided but does not inform HMRC at that time

• the person discovers the inaccuracy some time later and fails to take reasonable steps to inform HMRC

The person is liable to a penalty not exceeding £3,000.

Where the information contains more than one inaccuracy, a penalty is payable for each inaccuracy.