Any taxpayer who misses the deadline for submission will be fined £60 day for every day they miss the deadline, meaning that some individuals could be forced to pay hundreds of pounds in penalties to the Revenue.
Under previous arrangements, taxpayers paid a £100 fine for every year they filed their tax return late, plus an additional £100 on top of this, based on interest charges.
Nearly a million people out of the 9.6 million that have to file self assessment tax returns fail to submit their forms on time.
The new penalty regime comes as the Revenue launched a marketing campaign encouraging people to submit their returns by the prescribed date.
Last month the Inland Revenue revealed that Adam Hart-Davis, the scientist presenter of the BBC’s Tomorrow’s World would promote self-assessment through high-profile television adverts over the next three years.
He replaced Father Ted tea lady Mrs Doyle.
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