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Finance Act 2007

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Changes over time for: Cross Heading: Potential lost revenue: normal rule

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Version Superseded: 11/07/2023

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Point in time view as at 03/11/2017.

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Finance Act 2007, Cross Heading: Potential lost revenue: normal rule is up to date with all changes known to be in force on or before 28 November 2024. 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. Help about Changes to Legislation

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Potential lost revenue: normal ruleU.K.

5(1)“The potential lost revenue” in respect of an inaccuracy in a document [F1(including an inaccuracy attributable to a supply of false information or withholding of information)] or a failure to notify an under-assessment is the additional amount due or payable in respect of tax as a result of correcting the inaccuracy or assessment.U.K.

(2)The reference in sub-paragraph (1) to the additional amount due or payable includes a reference to—

(a)an amount payable to HMRC having been erroneously paid by way of repayment of tax, and

(b)an amount which would have been repayable by HMRC had the inaccuracy or assessment not been corrected.

(3)In sub-paragraph (1) “tax” includes national insurance contributions.

(4)The following shall be ignored in calculating potential lost revenue under this paragraph—

(a)group relief, and

[F2(b)any relief under [F3section 458 of CTA 2010] (relief in respect of repayment etc of loan) which is deferred under [F4subsection (5)] of that section;]

(but this sub-paragraph does not prevent a penalty being charged in respect of an inaccurate claim for relief).

Textual Amendments

F1Words in Sch. 24 para. 5(1) inserted (1.4.2009) by Finance Act 2008 (c. 9), s. 122(2), Sch. 40 para. 7; S.I. 2009/571, art. 2

F2Sch. 24 para. 5(4)(b) substituted (21.7.2009) by Finance Act 2009 (c. 10), Sch. 57 para. 3

F3Words in Sch. 24 para. 5(4)(b) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 575(a) (with Sch. 2)

F4Words in Sch. 24 para. 5(4)(b) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 575(b) (with Sch. 2)

Modifications etc. (not altering text)

Commencement Information

I1Sch. 24 para. 5 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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