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This is the original version (as it was originally enacted).
7(1)If P (who would otherwise be liable to a penalty under paragraph 1)—
(a)makes a disclosure to HMRC of—
(i)a matter relating to an inaccuracy in a document, a supply of false information or a failure to disclose an under-assessment,
(ii)P’s enabling of actions by Q that constituted (or might constitute) a relevant offence or that made (or might make) Q liable to a relevant penalty, or
(iii)any other matter HMRC regard as assisting them in relation to the assessment of P’s liability to a penalty under paragraph 1, or
(b)assists HMRC in any investigation leading to Q being charged with a relevant offence or found liable to a relevant penalty,
HMRC must reduce the penalty to one that reflects the quality of the disclosure or assistance.
(2)But the penalty may not be reduced—
(a)in the case of unprompted disclosure or assistance, below whichever is the higher of—
(i)10% of the potential lost revenue, or
(ii)£1,000, or
(b)in the case of prompted disclosure or assistance, below whichever is the higher of—
(i)30% of the potential lost revenue, or
(ii)£3,000.
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