Section 190 Potential lost revenue: delayed taxI1

(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 section does not apply to a case to which section 189 applies.

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