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IEIM750010 | Overview

From HM Revenue & Customs · International Exchange of Information Manual

Where a person fails to comply with any of the following obligations set out in the Regulations, that person may be liable for a penalty. The penalty that applies depends on the obligation hat the person has failed to meet.

The following failures may incur a liability under the primary penalty regime (see IEIM75020):

  1. Failure of an intermediary to comply with the reporting obligation under regulation 3(2).

  2. Failure of a reportable taxpayer to comply with the reporting obligation under regulation 7(2).

  3. Failure of an intermediary to notify where legal professional privilege applies in accordance with regulation 5(2).

  4. Failure to comply with a requirement to provide information or documents under regulation 11.