PART 5E+WPENALTIES

CHAPTER 3E+WPENALTIES FOR INACCURACIES

Potential lost revenueE+W

135Potential lost revenue: normal ruleE+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 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.]