Paragraph 6 I1 F1

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

Sch. 41 para. 6(2)(b) word substituted by Finance Act 2015 Sch. 20 para. 10(3)(b)
Sch. 41 para. 6(1A) inserted by Finance Act 2015 Sch. 20 para. 10(2)
Sch. 41 para. 6(2)(a) word substituted by Finance Act 2015 Sch. 20 para. 10(3)(a)
Sch. 41 para. 6(2)(c) word substituted by Finance Act 2015 Sch. 20 para. 10(3)(c)
Sch. 41 para. 6(5) word substituted by Finance Act 2015 Sch. 20 para. 10(4)
Sch. 41 para. 6A(A1)(1) substituted for Sch. 41 para. 6A(1) by Finance Act 2015 Sch. 20 para. 11(2)
Sch. 41 para. 13(3) Table words inserted by Finance Act 2015 Sch. 20 para. 13

(1)

This paragraph sets out the penalty payable under paragraph 1.

(2)

If the failure is in category 1, the penalty is—

(a)

for a deliberate and concealed failure, 100% of the potential lost revenue,

(b)

for a deliberate but not concealed failure, 70% of the potential lost revenue, and

(c)

for any other case, 30% of the potential lost revenue.

(3)

If the failure is in category 2, the penalty is—

(a)

for a deliberate and concealed failure, 150% of the potential lost revenue,

(b)

for a deliberate but not concealed failure, 105% of the potential lost revenue, and

(c)

for any other case, 45% of the potential lost revenue.

(4)

If the failure is in category 3, the penalty is—

(a)

for a deliberate and concealed failure, 200% of the potential lost revenue,

(b)

for a deliberate but not concealed failure, 140% of the potential lost revenue, and

(c)

for any other case, 60% of the potential lost revenue.

(5)

Paragraph 6A explains the 3 categories of failure.

Annotations

F1: Sch. 41 paras. 6-6D substituted for Sch. 41 para. 6 (6.4.2011) by Finance Act 2010 (c. 13), s. 35(2), Sch. 10 para. 8; S.I. 2011/975, art. 2(1) (with art. 4)

I1: Sch. 41 para. 6 in force at 1.4.2010 with effect in accordance with art. 3 by S.I. 2009/511, art. 2

C1: Sch. 41 modified (with effect in accordance with s. 42(2), Sch. 12 para. 29(1) of the amending Act) by Finance Act 2018 (c. 3), Sch. 12 paras. 33, 34
C2: Sch. 41 applied (with modifications) (22.7.2020) by Finance Act 2020 (c. 14), Sch. 16 para. 11(6) (with Sch. 16 para. 11(7))
C3: Sch. 41 applied (with modifications) (22.7.2020) by Finance Act 2020 (c. 14), Sch. 16 para. 13