10(1)Paragraph 6 (amount of penalty: standard amount) is amended as follows.
(2)After sub-paragraph (1) insert—
“(1A)If the failure is in category 0, the penalty is—
(a)for a deliberate and concealed failure, 100% of the potential lost revenue,
(b)for a deliberate but not concealed failure, 70% of the potential lost revenue, and
(c)for any other case, 30% of the potential lost revenue.”
(3)In sub-paragraph (2)—
(a)in paragraph (a), for “100%” substitute “125%”,
(b)in paragraph (b), for “70%” substitute “87.5%”, and
(c)in paragraph (c), for “30%” substitute “37.5%”.
(4)In sub-paragraph (5), for “3” substitute “4”.