Introduction Penalty for failure to pay tax
4.Paragraph 1(1) introduces the Table setting out the amounts of tax to which the new penalty provisions apply and the date after which the penalty will be incurred. The Table defines the penalty date both for principal amounts of tax and amounts that might become due as the result of an assessment or determination of an amount of tax by HMRC, or by a correction to a return by HMRC or a taxpayer. It states that if a taxpayer fails to pay an amount of tax in column 3 of the Table by the date specified in column 4 of the Table, the taxpayer will be liable to a penalty under the Schedule.
5.Paragraph 1(3) states that a person may be liable to more than one penalty in the Schedule.