The Secretary of State may by regulations make provision for and in connection with the imposition of a financial penalty in cases where the Secretary of State, or a person designated by the Secretary of State, is satisfied beyond reasonable doubt that a person has, without reasonable excuse, failed to comply with section 144(2).
The regulations may include provision—
about the procedure to be followed in imposing penalties;
about the amount of penalties;
for the imposition of interest or additional penalties for late payment;
conferring rights of appeal against penalties.
The regulations must provide that the amount of a financial penalty (excluding interest or any additional penalty) may not exceed the greater of—
10% of the value of the relevant interest at the time the person granted or disposed of the relevant interest, and
£10,000.