SCHEDULE 10 Penalties: Offshore Income etc
Finance Act 2010 (2010 c 13) | Legislation

SCHEDULE 10 Penalties: Offshore Income etc

Section 35

Schedule 24 to FA 2007

1

Schedule 24 to FA 2007 (penalties for errors) is amended as follows.

2

For paragraph 4 substitute—

“4

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

(2)     If the inaccuracy is in category 1, 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.

(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 revenue, and

(c)     for deliberate and concealed action, 200% of the potential lost revenue.

(5)     Paragraph 4A explains the 3 categories of inaccuracy.

4A

(1)

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