{
  "url": "https://openlegislation.uk/finance-act-2007/schedule-24/paragraph-8",
  "json_url": "https://openlegislation.uk/finance-act-2007/schedule-24/paragraph-8.json",
  "legislation": "ukpga/2007/11",
  "legislation_title": "Finance Act 2007",
  "legislation_url": "https://openlegislation.uk/finance-act-2007",
  "path": "schedule/24/paragraph/8",
  "kind": "paragraph",
  "number": "8",
  "heading": null,
  "text": "(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—\n(a) 5% of the delayed tax for each year of the delay, or\n(b) a percentage of the delayed tax, for each separate period of delay of less than a year, equating to 5% per year.\n(2) This paragraph does not apply to a case to which paragraph 7 applies.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "Sch. 24 para. 8 in force at 1.4.2008 for certain purposes, 1.7.2008 for certain purposes, 1.1.2009 for certain purposes, and 1.4.2009 in so far as not already in force by S.I. 2008/568, art. 2 (with art. 3)"
    }
  ],
  "outstanding_effects": [
    {
      "type": "word substituted",
      "affecting": "ukpga/2015/11",
      "affecting_title": "Finance Act 2015"
    },
    {
      "type": "substituted",
      "affecting": "ukpga/2015/11",
      "affecting_title": "Finance Act 2015"
    },
    {
      "type": "substituted",
      "affecting": "ukpga/2015/11",
      "affecting_title": "Finance Act 2015"
    },
    {
      "type": "inserted",
      "affecting": "ukpga/2015/11",
      "affecting_title": "Finance Act 2015"
    },
    {
      "type": "inserted",
      "affecting": "ukpga/2015/11",
      "affecting_title": "Finance Act 2015"
    },
    {
      "type": "word substituted",
      "affecting": "ukpga/2015/11",
      "affecting_title": "Finance Act 2015"
    },
    {
      "type": "word substituted",
      "affecting": "ukpga/2015/11",
      "affecting_title": "Finance Act 2015"
    },
    {
      "type": "word substituted",
      "affecting": "ukpga/2015/11",
      "affecting_title": "Finance Act 2015"
    },
    {
      "type": "words substituted",
      "affecting": "ukpga/2015/11",
      "affecting_title": "Finance Act 2015"
    },
    {
      "type": "substituted for Sch. 24 para. 4A(1)",
      "affecting": "ukpga/2015/11",
      "affecting_title": "Finance Act 2015"
    },
    {
      "type": "words inserted",
      "affecting": "ukpga/2015/11",
      "affecting_title": "Finance Act 2015"
    },
    {
      "type": "word substituted",
      "affecting": "ukpga/2015/11",
      "affecting_title": "Finance Act 2015"
    },
    {
      "type": "inserted",
      "affecting": "ukpga/2015/11",
      "affecting_title": "Finance Act 2015"
    },
    {
      "type": "omitted",
      "affecting": "ukpga/2024/3",
      "affecting_title": "Finance Act 2024"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2007/11/schedule/24/paragraph/8",
    "retrieved_at": "2026-10-29T09:12:51.142391+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}