# Finance Act 2007, Paragraph 4

Extent: E+W+S+N.I.

(1) This paragraph sets out the penalty payable under paragraph 1.
(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.
(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
(c) for deliberate and concealed action, 150% of the potential lost revenue.
(4) If the inaccuracy is in category 3, the penalty is—
(a) for careless action, 60% of the potential lost revenue,
(b) for deliberate but not concealed action, 140% of the potential lost revenue, and
(c) for deliberate and concealed action, 200% of the potential lost revenue.
(5) Paragraph 4A explains the 3 categories of inaccuracy.

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Source: https://www.legislation.gov.uk/ukpga/2007/11/schedule/24/paragraph/4 (the official version)
Page: https://openlegislation.uk/finance-act-2007/schedule-24/paragraph-4
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.