Finance Act 2008 (c. 9)

SCHEDULES

SCHEDULE 41 Penalties: failure to notify and certain VAT and excise wrongdoing

Amount of penalty: standard amount

6 (1) The penalty payable under any of paragraphs 1, 2, 3(1) and 4 is—

(a) for a deliberate and concealed act or failure, 100% of the potential lost revenue,

(b) for a deliberate but not concealed act or failure, 70% of the potential lost revenue, and

(c) for any other case, 30% of the potential lost revenue.

(2) The penalty payable under paragraph 3(2) is 100% of the potential lost revenue.

(3) Paragraphs 7 to 11 define “the potential lost revenue”.