STANDARD AMOUNT

Related Commentary  Related CasesRelated HMRC Manuals

4(1)  This paragraph sets out the penalty payable under paragraph 1.

4(2)  If the inaccuracy is in category 1, the penalty is–

(a)for careless action, 30% of the potential lost revenue,

(b)for deliberate but not concealed action, 70% of the potential lost revenue, and

(c)for deliberate and concealed action, 100% of the potential lost revenue.

4(3)  If the inaccuracy is in category 2, the penalty is–

(a)for careless action, 45% of the potential lost revenue,

(b)for deliberate but not concealed action, 105% of the potential lost revenue, and

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