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Finance Act 2010

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Point in time view as at 06/04/2011.

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There are currently no known outstanding effects for the Finance Act 2010, Paragraph 3. Help about Changes to Legislation

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3U.K.For paragraph 10 substitute—

10(1)If a person who would otherwise be liable to a penalty of a percentage shown in column 1 of the Table (a “standard percentage”) has made a disclosure, HMRC must reduce the standard percentage to one that reflects the quality of the disclosure.

(2)But the standard percentage may not be reduced to a percentage that is below the minimum shown for it—

(a)in the case of a prompted disclosure, in column 2 of the Table, and

(b)in the case of an unprompted disclosure, in column 3 of the Table.

Standard % Minimum % for prompted disclosureMinimum % for unprompted disclosure
30%15%0%
45%22.5%0%
60%30%0%
70%35%20%
105%52.5%30%
140%70%40%
100%50%30%
150%75%45%
200%100%60%.

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