SolvedECP2300 | General principles: What are the penalties
From HM Revenue & Customs · Excise Civil Penalties Manual
There are four types of penalty provided for by the Finance Act 1994
| Type of penalty | Further information |
|---|---|
| Geared penalty of 5% of the duty involved - subject to a minimum of £250 - for failing to pay duty on time | ECP4400 |
| Fixed penalty of £250 for breaches of certain regulations | ECP4500 |
| Daily penalties of £20 for each day certain breaches continue | ECP4600 |
| Breach of Walking Possession Agreement, a penalty of 50% of the duty or penalty that gave rise to the distress action. | ECP4700 |
There are three types of penalties provided for by FA 2008 Schedule 41 Failure to Notify
There are three types of penalties provided for by FA 2008 Schedule 41 VAT & Excise Wrongdoing
There are three types of penalties provided for by FA 2008 Schedule 36 penalties for failure to comply with information notices issued or concealing, destroying or disposing of a document
Note: A penalty under Schedule 36 para. 40A for inaccurate information and documents does not currently apply
There are three types of penalty provided for by FA2007 Schedule 24 penalties for inaccuracies