Modifications etc. (not altering text)
C1Sch. 24 applied (N.I.) (1.4.2008) by The Education (Student Loans) (Repayment) Regulations (Northern Ireland) 2000 (S.R. 2000/121), regs. 7(2A)(b), 26(4) (as amended by S.R. 2008/129, regs. 1, 3(a), 4)
C2Sch. 24 applied (6.4.2008) by The Social Security (Contributions) Regulations 2001 (S.I. 2001/1004), Sch. 4 paras. 22(7), 31(8) (as amended by The Social Security (Contributions) (Amendment No. 3) Regulations 2008 (S.I. 2008/636), regs. 1(3)(b), 7)
4(1)The penalty payable under paragraph 1 is—U.K.
(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”.
Commencement Information
I1Sch. 24 para. 4 in force at 1.4.2008 for certain purposes, 1.7.2008 for certain purposes, 1.1.2009 for certain purposes, and 1.4.2009 in so far as not already in force by S.I. 2008/568, art. 2 (with art. 3)