SCHEDULES
SCHEDULE 25Penalties for deliberately withholding information
PART 2Liability to a penalty
Reductions for disclosure
8
(1)
If a person who would otherwise be liable to a penalty of a percentage shown in column 1 of the Table in this paragraph (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 percentage | Minimum percentage for prompted disclosure | Minimum percentage for unprompted disclosure |
|---|---|---|
70% | 45% | 30% |
100% | 60% | 40% |
105% | 62.5% | 40% |
140% | 80% | 50% |
150% | 85% | 55% |
200% | 110% | 70% |
(3)
But HMRC must not under this paragraph reduce a penalty below £300.