You must check the date from which these rules apply for the tax or duty you are dealing with. See CH81011 for full details.

There are special rules for calculating the potential lost revenue (PLR) for a delayed tax inaccuracy, see CH82392. These apply instead of the normal rules for calculating the PLR (which are at CH82150+).

A delayed tax inaccuracy is one that

results in an amount of tax being declared later than it should have been

always has two (or more) elements in different tax periods (an understatement followed by one or more overstatements) and

the timing of these elements are ‘closely linked’.

Want to read more?

This content requires a Croner-i Tax and Accounting subscription.

Existing subscriber? Log in

No subscription?

Contact us to discuss your requirements.