Corporation Tax Act, 1976

Penalties for failure to furnish information and for incorrect information.

149.—(1) Where any person has been required by notice given under or for the purposes of section 27 (change in ownership of company: disallowance of trading losses), section 73 (Shannon relief: delivery of statements), section 123 (information as to arrangements for transferring relief) or Part X (Close Companies), to furnish any information or particulars and he fails to comply with the notice he shall be liable, subject to subsection (3), to a penalty of £100 and, if the failure continues after judgment has been given by the court before which proceedings for the penalty have been commenced, to a further penalty of £10 for each day on which the failure so continues.

(2) Where a person fraudulently or negligently furnishes any incorrect information or particulars of a kind mentioned in Part X, section 27, 73, 123 or 151, he shall be liable, subject to subsection (4), to a penalty of £100, or, in the case of fraud, £250.

(3) Where the person mentioned in subsection (1) is a company, it shall be liable to—

(a) a penalty of £500, and, if the failure continues after judgment has been given by the court before which proceedings for the penalty have been commenced, to a further penalty of £50 for each day on which the failure so continues, and

(b) the secretary of the company shall be liable to a separate penalty of £100.

(4) Where the person mentioned in subsection (2) is a company, it shall be liable to—

(a) a penalty of £500, or, in the case of fraud, £1,000, and

(b) the secretary of the company shall be liable to a separate penalty of £100, or, in the case of fraud, £200.

(5) The provisions of section 501 (3) of the Income Tax Act, 1967 , shall apply for the purposes of this section as they apply for the purposes of the said section 501.