PART X PENALTIES, ETC.
95 Incorrect return or accounts for income tax or capital gains tax.
(1)
Where a person fraudulently or negligently—
(a)
(b)
makes any incorrect return, statement, or declaration in connection with any claim for any allowance, deduction or relief in respect of income tax or capital gains tax, or
(c)
submits to an inspector or the Board or any Commissioners any incorrect accounts in connection with the ascertainment of his liability to income tax or capital gains tax,
he shall be liable to a penalty not exceeding [F3the amount of the difference specified in subsection (2) below.]
(2)
The difference is that between—
(a)
the amount of income tax and capital gains tax payable for the relevant years of assessment by the said person (including any amount of income tax deducted at source and not repayable), and
(b)
the amount which would have been the amount so payable if the return, statement, declaration or accounts as made or submitted by him had been correct.
(3)
The relevant years of assessment for the purposes of this section are, in relation to anything delivered, made or submitted in any year of assessment, that, the next following, and any preceding year of assessment; F4...