Introduction Summary
1.Section 106 and Schedule 55 create a new penalty regime for late filing of tax returns for income tax, corporation tax (CT), Pay as you Earn (PAYE), National Insurance Contributions (NICs), the Construction Industry Scheme (CIS), stamp duty land tax (SDLT), stamp duty reserve tax (SDRT), inheritance tax (IHT), pension schemes and petroleum revenue tax (PRT). Taxpayers have a right of appeal against all penalties and no penalty can be charged if a taxpayer has a reasonable excuse for their failure. The section provides for the Schedule or parts of the Schedule to be bought into force by Treasury order.