Print Options
PrintThe Whole
Act
PrintThe Whole
Part
PrintThe Whole
Chapter
PrintThe Whole
Cross Heading
PrintThis
Section
only
Changes over time for: Section 136
Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 01/04/2018.
Changes to legislation:
There are currently no known outstanding effects for the Tax Collection and Management (Wales) Act 2016, Section 136.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
136Potential lost revenue: multiple errorsE+W
This section has no associated Explanatory Notes
(1)Where a person is liable to a penalty under section 129 in respect of more than one inaccuracy, and the calculation of potential lost revenue under section 135 in respect of each inaccuracy depends on the order in which they are corrected, careless inaccuracies are to be taken to be corrected before deliberate inaccuracies.
(2)In calculating potential lost revenue where a person is liable to a penalty under section 129 in respect of one or more understatements in one or more documents relating to a tax period [, transaction or claim for tax credit], account must be taken of any overstatements in any document given by the person which relate to the same tax period [, transaction or claim for tax credit].
(3)In subsection (2)—
(a)“understatement” means an inaccuracy that meets condition 1 in section 129, and
(b)“overstatement” means an inaccuracy that does not meet that condition.
(4)For the purposes of subsection (2) overstatements are to be set against understatements in the following order—
(a)understatements in respect of which the person is not liable to a penalty,
(b)careless understatements, and
(c)deliberate understatements.
(5)In calculating, for the purposes of a penalty under section 129, potential lost revenue in respect of a document given by or on behalf of a person, no account is to be taken of the fact that a potential loss of revenue from a person is or may be balanced by a potential overpayment by another person (except to the extent that an enactment requires a person's liability to a devolved tax to be adjusted by reference to another person's liability to a devolved tax).
Textual Amendments
Commencement Information
Back to top