PART 5PENALTIES

CHAPTER 3PENALTIES FOR INACCURACIES

Potential lost revenue

I1135Potential lost revenue: normal rule

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 devolved tax F1or 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 devolved tax, F2...

b

an amount which would have been repayable by WRA had the inaccuracy or under-assessment not been corrected, F3and

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.