IEIM405112 | Penalties for Failure to Provide Information to HMRC

Penalties for Failure to Provide Information to HMRC

HMRC may request information from a Reporting Financial Institution or UK representative, as part of its compliance activities, to ensure that Reporting Financial Institutions are meeting their obligations under the regulations.

If a Reporting Financial Institution fails to provide information requested by HMRC by the deadline specified in the notice a penalty of up to £5,000 will apply.

If the failure continues after notice of the penalty has been issued, daily penalties of up to £600 per day will apply. Daily penalties will continue to be charged until the information requested in the notice has been provided to HMRC.