PART 5PENALTIES
CHAPTER 3PENALTIES FOR INACCURACIES
Potential lost revenue
135Potential 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 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, and
b
an amount which would have been repayable by WRA had the inaccuracy or under-assessment not been corrected.