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. |