Errors in returns(1) (FA 2007, Sch. 24)

Percentage of potential lost revenue

Errors in returns for periods starting 1 April 2009 where return is filed on or after 1 April 2010, or where liability arises on or after 1 April 2010:

Category 1

• careless action;

30%

• deliberate but not concealed action;

70%

• deliberate and concealed action.

100%

Reductions for disclosure

Standard penalty

Prompted disclosure

minimum

Unprompted disclosure

minimum

(maximum reduction weighted according to quality of disclosure determined as:

• 30% for telling;

30%

15%

0%

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