# Finance Act 2007, Paragraph 8

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

(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—
(a) 5% of the delayed tax for each year of the delay, or
(b) a percentage of the delayed tax, for each separate period of delay of less than a year, equating to 5% per year.
(2) This paragraph does not apply to a case to which paragraph 7 applies.

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Source: https://www.legislation.gov.uk/ukpga/2007/11/schedule/24/paragraph/8 (the official version)
Page: https://openlegislation.uk/finance-act-2007/schedule-24/paragraph-8
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.