135Potential lost revenue: normal ruleE+W
(1)The “potential lost revenue” in respect of—
(a)an inaccuracy in a document (including an inaccuracy attributable to a supply of false information or withholding of information), or
(b)a failure to notify an under-assessment,
is the additional amount payable in respect of a [F1WRA-collected] tax [F2or tax credit] as a result of correcting the inaccuracy or under-assessment.
(2)The reference in subsection (1) to the additional amount payable includes a reference to—
(a)an amount payable to WRA having been erroneously paid by way of repayment of [F1WRA-collected] tax, F3...
(b)an amount which would have been repayable by WRA had the inaccuracy or under-assessment not been corrected, [F4and
(c)an amount which WRA would have been required to set off against a person’s liability to tax, or to pay to a person, had the inaccuracy or under-assessment not been corrected.]
Textual Amendments
F1Word in Act substituted (19.9.2025) by Visitor Accommodation (Register and Levy) Etc. (Wales) Act 2025 (asc 5), s. 67(1), Sch. 2 para. 21
F2Words in s. 135(1) inserted (1.4.2018) by The Landfill Disposals Tax (Administration) (Wales) Regulations 2018 (S.I. 2018/101), reg. 1(2), Sch. para. 32(2)
F3Word in s. 135(2) omitted (1.4.2018) by virtue of The Landfill Disposals Tax (Administration) (Wales) Regulations 2018 (S.I. 2018/101), reg. 1(2), Sch. para. 32(3)(a)
F4S. 135(2)(c) and word inserted (1.4.2018) by The Landfill Disposals Tax (Administration) (Wales) Regulations 2018 (S.I. 2018/101), reg. 1(2), Sch. para. 32(3)(b)
Commencement Information
I1S. 135 in force at 1.4.2018 by S.I. 2018/33, art. 3