Introduction Summary
1.Section 230 introduces Schedule 50 which amends Schedule 24 of Finance Act 2007 (FA 2007) (for returns under the PAYE Regulations and the Construction Industry Scheme (CIS)) and Schedules 55 and 56 to Finance Act 2009 (FA 2009) (penalties for failure to make returns and failure to make payment on time) to provide, as a consequence of the introduction of Real Time Information (RTI) from 6 April 2013, for penalties to apply where the Real Time Information returns and payments required under the Income Tax (Pay As You Earn) Regulations 2003 (the PAYE Regulations) are not made on time or the returns are inaccurate.