Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section 50

Amendment to penalty for failure to notify under-assessment or under-determination

Section 50 of Schedule 23 amends the Tax Collection and Management (Wales) Act 2016 to change the penalty for failing to notify WRA of an under-assessment or under-determination from a fixed amount to a maximum amount, giving WRA discretion over the penalty level.

• This paragraph amends section 133 of the Tax Collection and Management (Wales) Act 2016, which deals with penalties for failing to notify an under-assessment or under-determination.
• The amendment changes the penalty from a fixed sum to a maximum ceiling, by inserting the words "an amount not exceeding" into subsection (3).
• This gives the Welsh Revenue Authority discretion to impose a penalty up to the specified amount, rather than being required to impose the full amount in every case.
• The change allows penalties to be set at a level that is proportionate to the circumstances of each individual case.