Point in time view as at 06/04/2009.
Finance Act 2007, Cross Heading: Potential lost revenue: delayed tax is up to date with all changes known to be in force on or before 06 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
8(1)Where an inaccuracy resulted in an amount of tax being declared later than it should have been (“the delayed tax”), the potential lost revenue is—U.K.
(a)5% of the delayed tax for each year of the delay, or
(b)a percentage of the delayed tax, for each separate period of delay of less than a year, equating to 5% per year.
(2)This paragraph does not apply to a case to which paragraph 7 applies.
Commencement Information
I1Sch. 24 para. 8 in force at 1.4.2008 for certain purposes, 1.7.2008 for certain purposes, 1.1.2009 for certain purposes, and 1.4.2009 in so far as not already in force by S.I. 2008/568, art. 2 (with art. 3)
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