Revenue Note for Guidance

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Revenue Note for Guidance

CHAPTER 3

Capital gains tax penalties

Overview

This Chapter provides that the provisions of Chapter 1 and Chapter 3B are to apply also to capital gains tax subject to appropriate modification.

1077 Penalties for failure to make returns, etc. and for deliberately or carelessly making incorrect returns

(1) The provisions of Chapter 1 dealing with income tax and corporation tax penalties and Chapter 3B dealing with penalties for false returns etc are applied for the purposes of capital gains tax subject to any necessary modifications, and sections 1052 (penalties for failure to make certain returns, etc), 1053 (penalties for fraudulently or negligently making incorrect returns, etc), 1054 (increased penalties in case of bodies of persons), and 1077E (penalty for deliberately or carelessly making incorrect returns etc) as so applied, are to be construed for capital gains tax purposes as if references to the following sections were included in Schedule 29 —

Column 1

Column 2

Column 3

Returns by issuing houses, stockbrokers, auctioneers, etc: section 914

Appeals against assessments: section 945

Deduction from consideration on disposal of certain assets: section 980

Returns by nominee shareholders: section 915

Returns by party to a settlement: section 916

Returns relating to non-resident companies and trusts: section 917

(2) Where a person has been required by a notice or precept under —

  • section 876 (notice of liability to tax),
  • section 877 (returns by persons chargeable),
  • section 878 (persons acting for incapacitated persons and non-residents),
  • section 879 (returns of chargeable gains),
  • section 880 (partnership returns),
  • section 888 (returns, etc by lessors, lessees and agents),
  • section 900 (power to require production of accounts and books), or
  • Schedule 1, paragraph 1 (holder of mineral licence),

as applied for capital gains tax purposes by section 913 or under sections 914 to 917 inclusive (see description under column 1 above) or section 980 (see description under column 3 above) to do any act of a kind mentioned in any of those provisions, and that person fails to comply with that notice or precept, or deliberately or carelessly makes, delivers, furnishes or produces an incorrect return, statement declaration, list, account, particulars or other document, or makes any false statement or representation under any of those provisions, the penalties and fines applicable under Chapter 1 and Chapter 3B applies to that person for the purposes of capital gains tax as they apply to such failure or act for the purposes of income tax.

[For further information see separate notes on the sections in Chapter 1 and Chapter 3B with particular reference to sections 1052, 1053, 1054 and 1077E.]

Relevant Date: Finance Act 2019