Tax Collection and Management (Wales) Act 2016

135 Potential lost revenue: normal rule E+W

(1) The “potential lost revenue” in respect of—

(a) an inaccuracy in a document (including an inaccuracy attributable to a supply of false information or withholding of information), or

(b) a failure to notify an under-assessment,

is the additional amount payable in respect of a devolved tax [F1 or tax credit] as a result of correcting the inaccuracy or under-assessment.

(2) The reference in subsection (1) to the additional amount payable includes a reference to—

(a) an amount payable to WRA having been erroneously paid by way of repayment of devolved tax, F2 ...

(b) an amount which would have been repayable by WRA had the inaccuracy or under-assessment not been corrected, [F3 and

(c) an amount which WRA would have been required to set off against a person’s liability to tax, or to pay to a person, had the inaccuracy or under-assessment not been corrected.]

Textual Amendments

F1 Words in s. 135(1) inserted (1.4.2018) by The Landfill Disposals Tax (Administration) (Wales) Regulations 2018 (S.I. 2018/101), reg. 1(2), Sch. para. 32(2)

F2 Word in s. 135(2) omitted (1.4.2018) by virtue of The Landfill Disposals Tax (Administration) (Wales) Regulations 2018 (S.I. 2018/101), reg. 1(2), Sch. para. 32(3)(a)

F3 S. 135(2)(c) and word inserted (1.4.2018) by The Landfill Disposals Tax (Administration) (Wales) Regulations 2018 (S.I. 2018/101), reg. 1(2), Sch. para. 32(3)(b)

Commencement Information

I1 S. 135 in force at 1.4.2018 by S.I. 2018/33, art. 3