This is the original version (as it was originally enacted).
(1)A person is liable to a penalty where—
(a)a WRA assessment understates the person’s liability to a devolved tax, and
(b)the person has failed to take reasonable steps to notify WRA, within the period of 30 days beginning with the day on which the notice of assessment is issued, that it is an under-assessment.
(2)In deciding what steps (if any) were reasonable, WRA must consider whether the person knew, or should have known, about the under-assessment.
(3)The penalty payable under this section is 30% of the potential lost revenue.
(4)In this section—
(a)“WRA assessment” includes a determination made by WRA under section 52, and
(b)accordingly, references in this Chapter to an under-assessment include references to an under-determination.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area. The revised version is currently only available in English.
Original (As Enacted or Made) - English:The original English language version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Original (As Enacted or Made) - Welsh:The original Welsh language version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Text created by the Welsh Government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes accompany all Acts of the National Assembly for Wales.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: