Part 2 Amount of Penalty
Finance Act 2007 (2007 c 11) | Legislation

Part 2 Amount of Penalty

Standard amount

[4

(1)     This paragraph sets out the penalty payable under paragraph 1.

[(1A)     If the inaccuracy is in category 0, the penalty is—

(a)     for careless action, 30% of the potential lost revenue,

(b)     for deliberate but not concealed action, 70% of the potential lost revenue, and

(c)     for deliberate and concealed action, 100% of the potential lost revenue.]

(2)     If the inaccuracy is in category 1, the penalty is—

(a)     for careless action, 30% [37.5%] of the potential lost revenue,

(b)     for deliberate but not concealed action, 70% [87.5%] of the potential lost revenue, and

(c)     for deliberate and concealed action, 100% [125%] of the potential lost revenue.

(3)     If the inaccuracy is in category 2, the penalty is—

(a)     for careless action, 45% of the potential lost revenue,

(b)     for deliberate but not concealed action, 105% of the potential lost revenue, and

(c)     for deliberate and concealed action, 150% of the potential lost revenue.

(4)     If the inaccuracy is in category 3, the penalty is—

(a)     for careless action, 60% of the potential lost revenue,

(b)     for deliberate but not concealed action, 140% of the potential lost

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