ECP2300 - General principles: What are the penalties

There are four types of penalty provided for by the Finance Act 1994

Type of penalty	Further information
Geared penalty of 5% of the duty involved - subject to a minimum of £250 - for failing to pay duty on time	ECP4400
Fixed penalty of £250 for breaches of certain regulations	ECP4500
Daily penalties of £20 for each day certain breaches continue	ECP4600
Breach of Walking Possession Agreement, a penalty of 50% of the duty or penalty that gave rise to the distress action.	ECP4700

There are three types of penalties provided for by FA 2008 Schedule 41 Failure to Notify

Type of penalty	Further information
Deliberate and concealed	CH72120
Deliberate but not concealed	CH72160
Non- deliberate	CH72200

There are three types of penalties provided for by FA 2008 Schedule 41 VAT & Excise Wrongdoing

Type of penalty	Further information
Deliberate and concealed	CH93100
Deliberate but not concealed	CH93200
Non-deliberate	CH93300

There are three types of penalties provided for by FA 2008 Schedule 36 penalties for failure to comply with information notices issued or concealing, destroying or disposing of a document

Type of penalty	Further information
Initial penalty	CH26640
Daily penalty	CH26660
Tax related penalty	CH26720

Note: A penalty under Schedule 36 para. 40A for inaccurate information and documents does not currently apply

There are three types of penalty provided for by FA2007 Schedule 24 penalties for inaccuracies

Type of penalty	Further information
Inaccuracy despite taking reasonable care	CH81130
Careless inaccuracy	CH81140
Deliberate but not concealed inaccuracy	CH81150
Deliberate and concealed accuracy	CH81160