Version Superseded: 01/01/2009
Point in time view as at 01/07/2008.
Finance Act 2007, Cross Heading: Potential lost revenue: normal rule is up to date with all changes known to be in force on or before 03 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
5(1)“The potential lost revenue” in respect of an inaccuracy in a document or a failure to notify an under-assessment is the additional amount due or payable in respect of tax as a result of correcting the inaccuracy or assessment.U.K.
(2)The reference in sub-paragraph (1) to the additional amount due or payable includes a reference to—
(a)an amount payable to HMRC having been erroneously paid by way of repayment of tax, and
(b)an amount which would have been repayable by HMRC had the inaccuracy or assessment not been corrected.
(3)In sub-paragraph (1) “tax” includes national insurance contributions.
(4)The following shall be ignored in calculating potential lost revenue under this paragraph—
(a)group relief, and
(b)section 419(4) of ICTA (close company: relief for loans);
(but this sub-paragraph does not prevent a penalty being charged in respect of an inaccurate claim for relief).
Commencement Information
I1Sch. 24 para. 5 in force at 1.4.2008 for certain purposes, 1.7.2008 for certain purposes, 1.1.2009 for certain purposes, and 1.4.2009 in so far as not already in force by S.I. 2008/568, art. 2 (with art. 3)
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