8(1)A purchaser who—U.K.
(a)fraudulently or negligently delivers in respect of a chargeable transaction a land transaction return which is incorrect, or
(b)discovers that a land transaction return delivered by him in respect of a chargeable transaction (neither fraudulently nor negligently) is incorrect and does not remedy the error without unreasonable delay,
is liable to a tax-related penalty.
(2)The penalty is an amount not exceeding the amount of tax understated, that is, the difference between—
(a)the amount of tax chargeable in respect of the transaction, and
(b)the amount that would have been chargeable on the basis of the return delivered.
Modifications etc. (not altering text)
C1Sch. 10 para. 8 restricted (22.7.2004 for specified purposes) by Finance Act 2004 (c. 12), ss. 313(4)(f), 319(1)(2) (with s. 314)