PART 8Penalties
CHAPTER 3Penalties relating to inaccuracies
Penalties under Chapter 3: general
190Potential lost revenue: delayed tax
(1)
Where an inaccuracy resulted in an amount of 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, or
(b)
a percentage of the delayed tax, for each separate 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 189 applies.