Modifications etc. (not altering text)
C1Sch. 41 modified (with effect in accordance with s. 42(2), Sch. 12 para. 29(1) of the amending Act) by Finance Act 2018 (c. 3), Sch. 12 paras. 33, 34
C2Sch. 41 applied (with modifications) (22.7.2020) by Finance Act 2020 (c. 14), Sch. 16 para. 11(6) (with Sch. 16 para. 11(7))
C3Sch. 41 applied (with modifications) (22.7.2020) by Finance Act 2020 (c. 14), Sch. 16 para. 13
[F16(1)This paragraph sets out the penalty payable under paragraph 1.U.K.
(2)If the failure is in category 1, the penalty is—
(a)for a deliberate and concealed failure, 100% of the potential lost revenue,
(b)for a deliberate but not concealed failure, 70% of the potential lost revenue, and
(c)for any other case, 30% of the potential lost revenue.
(3)If the failure is in category 2, the penalty is—
(a)for a deliberate and concealed failure, 150% of the potential lost revenue,
(b)for a deliberate but not concealed failure, 105% of the potential lost revenue, and
(c)for any other case, 45% of the potential lost revenue.
(4)If the failure is in category 3, the penalty is—
(a)for a deliberate and concealed failure, 200% of the potential lost revenue,
(b)for a deliberate but not concealed failure, 140% of the potential lost revenue, and
(c)for any other case, 60% of the potential lost revenue.
(5)Paragraph 6A explains the 3 categories of failure.]
Textual Amendments
F1Sch. 41 paras. 6-6D substituted for Sch. 41 para. 6 (6.4.2011) by Finance Act 2010 (c. 13), s. 35(2), Sch. 10 para. 8; S.I. 2011/975, art. 2(1) (with art. 4)
Commencement Information
I1Sch. 41 para. 6 in force at 1.4.2010 with effect in accordance with art. 3 by S.I. 2009/511, art. 2