SCHEDULES

C1C2SCHEDULE 24Penalties for errors

Annotations:
Modifications etc. (not altering text)

Part 2Amount of penalty

Potential lost revenue: delayed tax

I18

1

Where an inaccuracy resulted in an amount of tax being declared later than it should have been (“the delayed tax”), the potential lost revenue is—

a

5% of the delayed tax for each year of the delay, or

b

a percentage of the delayed tax, for each separate period of delay of less than a year, equating to 5% per year.

2

This paragraph does not apply to a case to which paragraph 7 applies.