SCHEDULES
SCHEDULE 15Oil activities: transferable tax history
PART 11TTH elections: inaccuracies
Penalties for errors
73
If a document provided for the purposes of making a TTH election contains an inaccuracy which is, or results in, an overstatement of the total TTH amount, Schedule 24 to FA 2007 has effect as if—
a
the seller (and not the purchaser) is treated as giving the document to Her Majesty's Revenue and Customs,
b
the inaccuracy is treated (so far as would not otherwise be the case) as leading to a false or inflated claim to repayment of tax, and
c
“the potential lost revenue” in respect of the inaccuracy is an amount equal to 10% of the amount by which the total TTH amount is overstated.