Finance Act 1991

18Reduction of penalty for serious misdeclaration etc

(1)In section 14 of the Finance Act 1985 (serious misdeclaration or neglect resulting in understatements or overclaims) in subsection (1) (liability to penalty equal to a percentage of the tax which would have been lost) for “30 per cent.” there shall be substituted “20 per cent.”

(2)Subject to subsection (3) below, this section shall apply where a penalty is assessed on or after 20th March 1991 in relation to a prescribed accounting period beginning on or after 1st April 1990.

(3)This section shall not apply in the case of a supplementary assessment if the original assessment was made before 20th March 1991.