Search Legislation

Advanced Search

Finance Act 1992

Status:

This is the original version (as it was originally enacted).

7Serious misdeclaration, default surcharge, etc

(1)In section 14(1) of the [1985 c. 54.] Finance Act 1985 (penalty equal to 20 per cent. of tax lost imposed for serious misdeclaration or neglect resulting in understatements or overclaims), for “20 per cent.” there shall be substituted “15 per cent.”

(2)In section 19(5) of that Act (specified percentages for default surcharge), for the words from “and” at the end of paragraph (b) to the end of the subsection there shall be substituted—

“(c)in relation to the third such period, the specified percentage is 15 per cent.; and

(d)in relation to each such period after the third, the specified percentage is 20 per cent.”

(3)Subject to subsection (4) below, subsection (1) above shall apply where a penalty is assessed after 10th March 1992 in relation to a prescribed accounting period beginning on or after 1st April 1990.

(4)Subsection (1) above shall not apply in the case of a supplementary assessment if the original assessment was made on or before 10th March 1992.

(5)Subsection (2) above shall apply in relation to any liability to a surcharge arising on or after 1st April 1992.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources