Tax Collection and Management (Wales) Act 2016 section 134

Meaning of "potential lost revenue"

Section 134 provides a signpost to the definition of "potential lost revenue" used in the penalties for inaccuracies chapter.

• The term "potential lost revenue" is a defined term used throughout the chapter on penalties for inaccuracies.
• The definition is not contained in this section itself but is set out across sections 135 to 138 of the Act.
• These later sections cover different scenarios, including the normal rule for calculating potential lost revenue and special rules for delayed tax.
• Potential lost revenue is the key measure used to determine the size of a penalty when a taxpayer submits an inaccurate return or document to the Welsh Revenue Authority.