C7C8C10C13 PART X PENALTIES, ETC.

Annotations:
Modifications etc. (not altering text)
C7

Part X (ss. 93-107) applied (with modifications) (1.7.1992) by Social Security Contributions and Benefits Act 1992 (c. 4), ss. 16(1)(b), 177(4), Sch. 2

C8

Part X (ss 93-107) applied (27.7.1993 with effect in relation to the year 1993-94 and subsequent years of assessment) by 1993 c. 34, s. 122(2)(3)

C10

Pt. 10 modified (with effect in accordance with s. 117(4)(5) of the amending Act) by Finance Act 1998 (c. 36), s. 117(1)(b), Sch. 18; S.I. 1998/3173, art. 2

C1C2C6C9C11C1295 Incorrect return or accounts for income tax or capital gains tax.

C31

Where a person fraudulently or negligently—

a

delivers any incorrect return of a kind mentioned in F3section 8 or 8A of this Act (or either of those sections as extended by section 12 of this Act F1... , or

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 [F2the amount of the difference specified in subsection (2) below.]

C42

The difference is that between—

C5a

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

C4b

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...