Section A: Objective Test

Which of the following statements regarding the penalty for late payment of Corporation Tax is correct?

A 5% penalty is charged if the tax is more than 30 days late.

A fixed penalty of £100 is charged immediately upon late payment.

There is no statutory penalty for late payment of Corporation Tax, but late payment interest is charged.

A penalty of 10% of the unpaid tax is charged if not paid within 6 months.