Taxes Consolidation Act 1997 section 1077

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

Section 1077 applies the income tax penalty regime to capital gains tax, so that failures to file returns or the submission of incorrect returns in relation to CGT carry the same penalties as equivalent income tax offences.

• The income tax penalty provisions in Chapter 1 and Chapter 3B are extended to cover capital gains tax, subject to any necessary modifications.
• Sections 1052, 1053, 1054 and 1077E or 1077F (penalties for failures to file, incorrect returns, bodies of persons, and deliberate or careless errors) all apply for CGT purposes.
• Schedule 29 is treated as including references to returns by issuing houses, stockbrokers, auctioneers, nominee shareholders, parties to settlements, non-resident companies and trusts (sections 914–917), appeals against assessments (section 945), and deduction from consideration on disposal of certain assets (section 980).
• Where a person fails to comply with a notice or precept, or deliberately or carelessly submits an incorrect return under any of the relevant provisions as applied for CGT, the income tax penalties apply equally to the CGT offence.