32 Penalties for failure to notify etc.U.K.
(1)In section 67 of the M1Value Added Tax Act 1994 (failure to notify and unauthorised issue of invoices) in subsection (4) (the specified percentage)—
(a)in paragraph (a) for “10 per cent.” there shall be substituted “ 5 per cent. ”;
(b)in paragraph (b) for “20 per cent.” there shall be substituted “ 10 per cent. ”; and
(c)in paragraph (c) for “30 per cent.” there shall be substituted “ 15 per cent. ”
(2)Section 15(3A) of the Finance Act 1985 (provision which is repealed by the M21994 Act and which corresponds to section 67(4)) shall have effect subject to the amendments made by subsection (1) above.
(3)Subject to subsection (4) below, subsections (1) and (2) above shall apply where a penalty is assessed on or after 1st January 1995.
(4)Subsections (1) and (2) above shall not apply in the case of a supplementary assessment if the original assessment was made before 1st January 1995.