IEIM405115 | Penalties for Inaccurate or Incomplete Returns

Penalties for Inaccurate or Incomplete Returns

Reporting Financial Institutions are required to report complete and accurate information to HMRC. A penalty of up to £100 may be charged for each Account Holder or Controlling Person where incorrect and/or incomplete information is provided, if:

a) the inaccuracy or incompleteness is deliberate

b) the inaccuracy or incompleteness is due to a failure to take reasonable care, or

c) the Reporting Financial Institution or UK representative discovers the inaccuracy or incompleteness some time later and fails to take reasonable steps to inform HMRC.

See IEIM405130 onwards for details of how the amount of the penalty will be determined.