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Finance Act 2016

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Finance Act 2016, Paragraph 12 is up to date with all changes known to be in force on or before 15 March 2024. 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. Help about Changes to Legislation

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12U.K.After paragraph 15 insert—

15A(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
70%45%30%
87.5%53.75%35%
100%60%40%
105%62.5%40%
125%72.5%50%
140%80%50%
150%85%55%
200%110%70%

(3)But HMRC must not under this paragraph reduce a penalty below £300.

Commencement Information

I1Sch. 21 para. 12 in force at 1.4.2017 with effect in accordance with reg. 2 by S.I. 2017/259, reg. 2

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