190Potential lost revenue: delayed taxS
This section has no associated Explanatory Notes
(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.
Commencement Information
I1S. 190 in force at 1.4.2015 by S.S.I. 2015/110, art. 2(1)