PART 5PENALTIES

CHAPTER 3PENALTIES FOR INACCURACIES

Potential lost revenue

138Potential lost revenue: delayed tax

(1)

Where an inaccuracy resulted in an amount of F1WRA-collected tax being declared later than it should have been (“the delayed tax”), the potential lost revenue is—

(a)

5% of the delayed tax for each year of the delay;

(b)

a percentage of the delayed tax, for each period of delay of less than a year, equating to 5% per year.

(2)

This section does not apply to a case to which section 137 applies.