SCHEDULES

C1C2SCHEDULE 24Penalties for errors

Annotations:
Modifications etc. (not altering text)

Part 2Amount of penalty

Standard amount

I14

1

The penalty payable under paragraph 1 is—

a

for careless action, 30% of the potential lost revenue,

b

for deliberate but not concealed action, 70% of the potential lost revenue, and

c

for deliberate and concealed action, 100% of the potential lost revenue.

2

The penalty payable under paragraph 2 is 30% of the potential lost revenue.

3

Paragraphs 5 to 8 define “potential lost revenue”.