5% penalty on late payment

5% penalty on late payment

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If a 2012/13 tax return is amended before 31 jan 2015 in respect of an election that now wants to be made, will 10% late payment penalties be levied (if all additional tax paid before the end of the month?
It seems very unfair if this is the case especially as the deadline for making the election is two year after the end of the tax year in question.

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By Paul D Utherone
25th Jan 2015 10:29

What election

... and will it actually require 12-13 to be amended?

 

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By Newbee Learner
25th Jan 2015 11:30

it is.
the 169R tcga election re qcb

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By Newbee Learner
25th Jan 2015 16:50

I believe it does need the return amending, but does that change the position? Would late payment penalties be charged?

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