Paragraph 3

(1)

Paragraph 40A (penalties for inaccurate information and documents) is amended as follows.

(2)

In sub-paragraph (1)(b), for “A or B” substitute “ A, B or C ”.

(3)

After sub-paragraph (3) insert—

“(3A)
Condition B is that the person knows of the inaccuracy at the time the information is provided or the document produced but does not inform HMRC at that time.”

(4)

In sub-paragraph (4), for “B” substitute “ C ”.

(5)

The amendments made by this paragraph have effect in relation to any inaccuracy in information provided, or in documents produced, on or after 1 April 2012.