(1)Where an inaccuracy resulted in an amount of devolved 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.
Commencement Information
I1S. 138 in force at 1.4.2018 by S.I. 2018/33, art. 3