IEIM750040 - Period for Daily Penalties

Where HMRC applies to the FTT for higher penalties to be charged, the FTT may charge that higher penalty for the initial period. The start of the initial period depends on the failure to which the penalty relates. For a failure to report under regulation 3(2) or 7(2), the initial period begins on the day after the day by which the report should have been made.

For a failure under regulation 5(2), the initial period begins on the day by which the notification should have been made and for a failure to provide information under regulation 11 the initial period begins on the day after the deadline set for complying with the notice to provide information.

The initial period ends on the day on which the penalty is determined by the FTT, unless the failure ceases before that date, in which case the initial period ends on the last day before the failure ceases.