SCHEDULES

SCHEDULE 24U.K.Penalties for errors

Modifications etc. (not altering text)

[F14(1)This paragraph sets out the penalty payable under paragraph 1.U.K.

(2)If the inaccuracy is in category 1, the penalty is—

(a)for careless action, 30% of the potential lost revenue,

(b)for deliberate but not concealed action, 70% of the potential lost revenue, and

(c)for deliberate and concealed action, 100% of the potential lost revenue.

(3)If the inaccuracy is in category 2, the penalty is—

(a)for careless action, 45% of the potential lost revenue,

(b)for deliberate but not concealed action, 105% of the potential lost revenue, and

(c)for deliberate and concealed action, 150% of the potential lost revenue.

(4)If the inaccuracy is in category 3, the penalty is—

(a)for careless action, 60% of the potential lost revenue,

(b)for deliberate but not concealed action, 140% of the potential lost revenue, and

(c)for deliberate and concealed action, 200% of the potential lost revenue.

(5)Paragraph 4A explains the 3 categories of inaccuracy.]

Textual Amendments

F1Sch. 24 paras. 4-4D substituted for Sch. 24 para. 4 (6.4.2011) by Finance Act 2010 (c. 13), s. 35(2), Sch. 10 para. 2; S.I. 2011/975, art. 2(1) (with art. 3)