The International Controlled Transaction Reporting Regulations 2026
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Change 1
21 Penalties for inaccurate specified information
(1) Where— (a) a reporting entity provides inaccurate specified information contrary to regulation 9, and (b) condition A, B, or C, is met, the reporting entity is liable to a penalty not exceeding £3,000 in respect of the accounting period or underwriting year to which the inaccurate specified information relates. (2) Condition A is that the inaccuracy is careless within the meaning of section 118(5) and (6) of the TMA 1970. (3) Condition B is that the reporting entity— (a) ought reasonably to have known at the time the specified information was provided, or subsequently, that the specified information was inaccurate, and (b) fails to take reasonable steps within a reasonable time period to inform an officer of Revenue and Customs. (4) Condition C is that the inaccuracy is deliberate within the meaning of section 118(7) of the TMA 1970. (5) Where the reporting entity is a managing agent and the failure relates to inaccurate specified information which is required in respect of one or more members of a syndicate, the reporting entity is liable to a penalty under paragraph (1) in respect of each member of each syndicate to which the failure relates.
21 Penalties for inaccurate specified information
(1) Where— (a) a reporting entity provides inaccurate specified information contrary to regulation 9, and (b) condition A, B, or C, is met, the reporting entity is liable to a penalty not exceeding £3,000 in respect of the accounting period or underwriting year to which the inaccurate specified information relates. (2) Condition A is that the inaccuracy is careless within the meaning of section 118(5) and (6) of the TMA 1970. (3) Condition B is that the reporting entity— (a) ought reasonably to have known at the time the specified information was provided, or subsequently, that the specified information was inaccurate, and (b) fails to take reasonable steps within a reasonable time period to inform an officer of Revenue and Customs. (4) Condition C is that the inaccuracy is deliberate within the meaning of section 118(7) of the TMA 1970. (5) Where the reporting entity is a managing agent and the failure relates to inaccurate specified information which is required in respect of one or more members of a syndicate, the reporting entity is liable to a penalty under paragraph (1) in respect of each member of each syndicate to which the failure relates.
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