Corporation Tax Act, 1976

Notice of liability to corporation tax.

142.—(1) Every company which is chargeable to corporation tax for any accounting period and which has not made a return of its profits for that accounting period shall, not later than one year after the end of that accounting period, give notice to the inspector that it is so chargeable:

Provided that this subsection shall not impose a duty to give any notice before the 6th day of April, 1976.

(2) Where a company fails to give a notice which it is required to give under this section—

(a) the company shall be liable to a penalty of £500 and, if the failure continues after judgment has been given by the court before which proceedings for the penalty have been commenced, to a further penalty of £50 for each day on which the failure so continues, and

(b) the secretary of the company shall be liable to a separate penalty of £100.