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When corporation tax self assessment was introduced with effect from 1 July 1999, it adopted many of the provisions that existed under corporation tax pay and file.
When corporation tax self assessment was introduced with effect from 1 July 1999 it adopted many of the provisions that existed under corporation tax pay and file.
In particular the penalty provisions for late returns were preserved and are now found in paragraph 17 of Schedule 18 to the Finance Act 1998. In short they provide that a late corporation tax return will mean an automatic £100 penalty – with no reduction to reflect any de minimis (or even non-existent) outstanding tax liability – or £200 if the return is more than three months late.
As in the pay and file legislation there is a provision that increases these penalties to £500 and £1 000 if the previous two tax returns were submitted late.
It was the intention of the legislation (not surprisingly) to ensure that the £500 and £1 000 penalties...
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