Section 137 Potential lost revenue: lossesI1
Where an inaccuracy has the result that a loss is wrongly recorded for the purposes of a F1WRA-collected tax and the loss has been wholly used to reduce the amount payable in respect of that tax, the potential lost revenue is calculated in accordance with section 135.
Where an inaccuracy has the result that a loss is wrongly recorded for the purposes of a WRA-collected tax and the loss has not been wholly used to reduce the amount payable in respect of that tax, the potential lost revenue is—
the potential lost revenue calculated in accordance with section 135 in respect of any part of the loss that has been used to reduce the amount payable in respect of that tax, plus
10% of any part that has not.
Subsections (1) and (2) apply both—
to a case where no loss would have been recorded but for the inaccuracy, and
to a case where a loss of a different amount would have been recorded (but in that case subsections (1) and (2) apply only to the difference between the amount recorded and the true amount).
The potential lost revenue in respect of a loss is nil where, because of the nature of the loss or the circumstances of the person chargeable to the WRA-collected tax, there is no reasonable prospect of the loss being used to support a claim to reduce any person's liability to that tax.
Annotations
Textual amendments
- F1
Word in Act substituted (19.9.2025) by Visitor Accommodation (Register and Levy) Etc. (Wales) Act 2025 (asc 5), s. 67(1), Sch. 2 para. 21
Commencement
- I1
S. 137 in force at 1.4.2018 by S.I. 2018/33, art. 3
Notes on the whole Act
Textual amendments
- F1
Word in Act substituted (19.9.2025) by Visitor Accommodation (Register and Levy) Etc. (Wales) Act 2025 (asc 5), s. 67(1), Sch. 2 para. 21