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Finance Act 2015
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2(1)Paragraph 4 (penalties payable under paragraph 1) is amended as follows.U.K.
(2)After sub-paragraph (1) insert—
“(1A)If the inaccuracy is in category 0, the penalty is—
(a)for careless action, 30% of the potential lost revenue,
(b)for deliberate but not concealed action, 70% of the potential lost revenue, and
(c)for deliberate and concealed action, 100% of the potential lost revenue.”
(3)In sub-paragraph (2)—
(a)in paragraph (a), for “30%” substitute “ 37.5% ”,
(b)in paragraph (b), for “70%” substitute “ 87.5% ”, and
(c)in paragraph (c), for “100%” substitute “ 125% ”.
(4)In sub-paragraph (5), for “3” substitute “ 4 ”.
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