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Tax Collection and Management (Wales) Act 2016
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138Potential lost revenue: delayed tax
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(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.
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