# Tax Collection and Management (Wales) Act 2016, Section 135: Potential lost revenue: normal rule

Extent: E+W

(1) The “potential lost revenue” in respect of—
(a) an inaccuracy in a document (including an inaccuracy attributable to a supply of false information or withholding of information), or
(b) a failure to notify an under-assessment,
is the additional amount payable in respect of a WRA-collected tax or tax credit as a result of correcting the inaccuracy or under-assessment.
(2) The reference in subsection (1) to the additional amount payable includes a reference to—
(a) an amount payable to WRA having been erroneously paid by way of repayment of WRA-collected tax, ...
(b) an amount which would have been repayable by WRA had the inaccuracy or under-assessment not been corrected, and
(c) an amount which WRA would have been required to set off against a person’s liability to tax, or to pay to a person, had the inaccuracy or under-assessment not been corrected.

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Source: https://www.legislation.gov.uk/anaw/2016/6/section/135 (the official version)
Page: https://openlegislation.uk/tax-collection-and-management-wales-act-2016/section-135
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.