INTM603980 | Transfer of assets abroad: Information powers: Penalties for non-compliance

Penalties for non-compliance with a Notice served under ITA07/S748 are within TMA70/S98, and action to recover penalties is taken before the Tribunal (previously the Special Commissioners).

Such cases must be referred in the first instance to the technical specialist in Personal Tax International, Liverpool (see INTM604440).

A person who fails to comply with a notice under ITA07/S748 is liable to

• a penalty not exceeding £300, and

• a further penalty of up to £60 for every day on which the failure continues.

If the failure is remedied before the proceedings for the recovery of the penalty start, there is no penalty charged.

Only if a formal Notice has been issued can any action be taken to recover penalties for failure to furnish particulars.