7(1)In subsection (5) of section 19 of the 1985 Act (specified percentages for default surcharge)—
(a)at the end of paragraph (b) there shall be inserted “ and ”, and
(b)for paragraphs (c) and (d) there shall be substituted the following paragraph—
“(c)in relation to each such period after the second, the specified percentage is 15 per cent.”
(2)Sub-paragraph (1) above shall apply in relation to any liability to a surcharge arising on or after 1st April 1993.
(3)In section 19(5) of the 1985 Act (as amended by sub-paragraph (1) above), for paragraphs (a) to (c) there shall be substituted the following paragraphs—
“(a)in relation to the first such prescribed accounting period, the specified percentage is 2 per cent.;
(b)in relation to the second such period, the specified percentage is 5 per cent.;
(c)in relation to the third such period, the specified percentage is 10 per cent.;
(d)in relation to each such period after the third, the specified percentage is 15 per cent.”
(4)Sub-paragraph (3) above shall apply in relation to any liability to a surcharge arising on or after 1st October 1993.