to the Board.
The maximum penalty payable for accounts, documents or information delivered after 22 July 2004is 100% of the tax potentially lost.
The tax potentially lost is the difference between
The amount of tax potentially lost is considered to be only that
for which the person is liable in the capacity in which they signed
and delivered an account. For example, personal representatives
will only be liable to a penalty based upon the potential tax loss
attributable to the free estate and not for any potential tax loss
on other aggregable property for which they are not liable such as
a trust in which the deceased had a life interest.
For accounts, documents or information delivered between 22 July 1999 and 22 July 2004 the maximum penalty is
A lower penalty applied to incorrect accounts, information or documents that were delivered, furnished or produced before 27 July 1999.