Finance Act 2008 (c. 9)

SCHEDULES

SCHEDULE 41 U.K. Penalties: failure to notify and certain VAT and excise wrongdoing

Amount of penalty: standard amount U.K.

[F1 6 (1) This paragraph sets out the penalty payable under paragraph 1. U.K.

(2) If the failure is in category 1, the penalty is—

(a) for a deliberate and concealed failure, 100% of the potential lost revenue,

(b) for a deliberate but not concealed failure, 70% of the potential lost revenue, and

(c) for any other case, 30% of the potential lost revenue.

(3) If the failure is in category 2, the penalty is—

(a) for a deliberate and concealed failure, 150% of the potential lost revenue,

(b) for a deliberate but not concealed failure, 105% of the potential lost revenue, and

(c) for any other case, 45% of the potential lost revenue.

(4) If the failure is in category 3, the penalty is—

(a) for a deliberate and concealed failure, 200% of the potential lost revenue,

(b) for a deliberate but not concealed failure, 140% of the potential lost revenue, and

(c) for any other case, 60% of the potential lost revenue.

(5) Paragraph 6A explains the 3 categories of failure.]

Textual Amendments

F1 Sch. 41 paras. 6-6D substituted for Sch. 41 para. 6 (6.4.2011) by Finance Act 2010 (c. 13), s. 35(2), Sch. 10 para. 8; S.I. 2011/975, art. 2(1) (with art. 4)

Commencement Information

I1 Sch. 41 para. 6 in force at 1.4.2010 with effect in accordance with art. 3 by S.I. 2009/511, art. 2