# Finance Act 2021, Paragraph 8


(1) If a person who would otherwise be liable to a penalty of a percentage shown in column 1 of the Table in this paragraph (a “standard percentage”) has made a disclosure, HMRC must reduce the standard percentage to one that reflects the quality of the disclosure.
(2) But the standard percentage may not be reduced to a percentage that is below the minimum shown for it—
(a) in the case of a prompted disclosure, in column 2 of the Table, and
(b) in the case of an unprompted disclosure, in column 3 of the Table.
Standard percentage
Minimum percentage for prompted disclosure
Minimum percentage for unprompted disclosure
70%
45%
30%
100%
60%
40%
105%
62.5%
40%
140%
80%
50%
150%
85%
55%
200%
110%
70%
(3) But HMRC must not under this paragraph reduce a penalty below £300.

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Source: https://www.legislation.gov.uk/ukpga/2021/26/schedule/25/paragraph/8 (the official version)
Page: https://openlegislation.uk/finance-act-2021/schedule-25/paragraph-8
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.