126C. Surcharge for late filing of return

(1) In this section—

“due date” means the date on which a statement is required to be delivered to the Commissioners under a specified section;

“relevant person” means a person that is required to deliver a statement to the Commissioners under a specified section;

“specified section” means section 123B, 123C, 123D, 124, 124A, 124B, ^[2]>125 or 125C^{<[2] [2]>}125, 125A or 125C^<[2].

(2) For the purposes of this section—

(a) where a relevant person deliberately or carelessly causes the delivery of an incorrect statement on or before the due date, that person shall be deemed to have failed to have delivered the statement on or before that date unless the error in the statement is remedied by the delivery of a correct statement on or before that date,

(b) where a relevant person causes the delivery of an incorrect statement on or before the due date, but does so neither deliberately nor carelessly and it comes to that person’s notice that it is incorrect, the person shall be deemed to have failed to have delivered the statement on or before the due date unless the error in the statement is remedied by the delivery of a correct statement without unreasonable delay, and

(c) where a relevant person causes the delivery of a statement on or before the due date, but the Commissioners, by reason of being dissatisfied with any information contained in the statement, require that person, by notice in writing served on him or her, to deliver a statement or evidence, or further statement or evidence, as may be required by them, the person shall be deemed not to have delivered the statement on or before the due date unless the person delivers the statement or evidence, or further statement or evidence, within the time specified in any notice.

(3) Where a relevant person fails to cause the delivery of a statement on or before the due date, any amount of stamp duty which would have been payable had a correct statement been delivered shall be increased by an amount (in this subsection referred to as a ‘surcharge’) equal to—

(a) 5 per cent of that amount of duty, subject to a maximum surcharge of €12,695, where the statement is delivered before the expiry of 2 months from the due date, and

(b) 10 per cent of that amount of duty, subject to a maximum surcharge of €63,485, where the statement is not delivered before the expiry of 2 months from the due date.