S. 138 in force at 1.4.2018 by S.I. 2018/33, art. 3

http://www.legislation.gov.uk/anaw/2016/6/section/138Tax Collection and Management (Wales) Act 2016An Act of the National Assembly for Wales to establish the Welsh Revenue Authority; to make provision about the collection and management of devolved taxes; and for connected purposes.texttext/xmlenStatute Law Database2024-08-13Expert Participation2024-07-12PART 5PENALTIESCHAPTER 3PENALTIES FOR INACCURACIESPotential lost revenue
138Potential lost revenue: delayed tax1

Where an inaccuracy resulted in an amount of devolved tax being declared later than it should have been (“the delayed tax”), the potential lost revenue is—

a

5% of the delayed tax for each year of the delay;

b

a percentage of the delayed tax, for each period of delay of less than a year, equating to 5% per year.

2

This section does not apply to a case to which section 137 applies.

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S. 138 in force at 1.4.2018 by
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,
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<strong>PART 5</strong>
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<num>CHAPTER 3</num>
<heading>PENALTIES FOR INACCURACIES</heading>
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<em>Potential lost revenue</em>
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138
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<heading>Potential lost revenue: delayed tax</heading>
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<num>1</num>
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<p>Where an inaccuracy resulted in an amount of devolved tax being declared later than it should have been (“the delayed tax”), the potential lost revenue is—</p>
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<p>5% of the delayed tax for each year of the delay;</p>
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<p>a percentage of the delayed tax, for each period of delay of less than a year, equating to 5% per year.</p>
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<p>This section does not apply to a case to which section 137 applies.</p>
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