PART 5PENALTIES
CHAPTER 3PENALTIES FOR INACCURACIES
Potential lost revenue
I1138Potential lost revenue: delayed tax
1
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.